Financial Times , 1986, UK, English

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World news

Israel
bombs
bases in

nORMW. h*. 20

Poam ..fee 100

S-Aota. .BiBJD
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Sm.... Pra 126
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USA .... SLOB

How Allied Lyons
planned its
defence. Page 8

Marine
Midland
in $585m

Lebanon merger

Israeli Air Force aircraft bo mbed
terrorist bases east of D amour, in
the Druze hills, near Beirut, the Is-
raeli Defence Farce announced: It
said the aircraft had made accurate
hits on headquarters buildings be-
longing to the Syrian-backed Aba
Musa group and the Democratic
Front for the liberation ofPales-
tine.

The attack foflcwed a warning by
Mr Yitzhak ■ Rabin, the Defence
Minister, that Israel would hit back
hard at the radical Lebanese Shia
who have stepped up their aifaHrB
on the Sooth irfMnnn Army in re-
cent weeks.

- Earlier , -Soviet-designed Katyu-
sha rockets hit two positions of the
French peacekeeping force in Leba-
ium. These were no rwmftitwB.
Israeli reaction. Page 5.

US considers aid

The Reagan Administration is' con-
sidering giving S500m in aid to
Sooth Africa's black neighbours as
part of new US measures against
the Pretoria Government Page 20

Weinberger criticised

An attack by US Defence Secretary
Caspar Weinberger on the defence
policies of Britain’s o pp os iti on La-
bour Party drew angry accusations,
that the Reagan Administration
was interfering in the internal af-
fairs of its closest European ally.

Steel defeated

British Liberal Party leader David
Steel suffered ah embarrassing set- *
back to- his hopes of producing a
joint Alliance nuclear defence poli-
cy with the Social Deznoastic Par-
ty. Pagell . .

Nuclear agreement

Governors of- t£e Tn iwnmli pmil At-
omic Energy Agency were expected
to gwe an easy passage to proposals
far boosting international co-opera-
tion on midear safety in the wake
of the Chernobyl disaster.

N-plant cleared

Span's Nuclear Safety Council
gave the Asco II nuclear power
plant a dean bill of health after
valve malfunctions had prompted
its closure for a month.

Argentina strike call

Argentina's General Confederation
of Labour announced an 11-hour
general strike for October 9 to pro-
test against the governments eco-
nomic policies. The action will he
the seventh general strike during
President Raul AHbnsm's 34-
montb-okl government

Red Brigade escape

Two convicted members of the Red
Brigades guerrilla group escaped
from a hospital in Novara, Italy, af-
ter sawing through the bars of sky-
lights in their rooms.

Bombings kill nine

The death of a policeman in hospi-
tal brought the toll from the wave of
bombings in Paris in the past two
weeks to- nine dead and at least 160
injured.

Ecevtt acquitted

A Turkish court acquitted former
Prune Minister Butent Ecevit of
breaking a law hymning his return
to active politics, giving the green
light to party leaders banned after
the 1980 military coup to resume
their political activities.

Uganda border

Uganda has agreed to reopen its
border with Sudan, closed after
Kampala accused Khartoum of
helping Ugandan rebels.

Italian kidnap

Paolo Astesana, aged 22, son of a
wealthy north Italian former and
livestock importer, was k id napped.
Kidnappers are demanding a ran-
som of Llbn ($700,000) from his

family .

MARINE MIDLAND, majority-
owned New York subsidiary of
Hongkong and Shanghai RtmVfng
is to pay at least $585m for Fust
Pennsylvania Corporation. The pro-
posed interstate merger

would take effect within a year at
ter March 4 1690, under present
law. Page 20 .. ,

OS . SEMICONDUCTOR 1 industry
. has won a hig victory in its effort
protect its chip designs from al-
leged Japanese copyright infringe-
ment with a Federal judge's ruling
that the; “microcode" program in
microprocessors is covered by US
copyright law. Page 5

WALL STREET: The Dow Jones in-
dustrial average dosed up 438 at
-1,79741. Page 44

LONDON: Financial markets, were
.preoco^ied by evidence of a huge
drain on investment funds caused
by the Trustee Savings Bank’ll flo-
tation of 1.5bn shares this week.
The FT-SE 100 share index ended
' 11 down' at 1,810.0, while the FT Or-
dinary index finished 104 lower at
. 1,271.9. Page 44

DGLUR closed in New York at DM
2.0535, SFr L6605, FFr 6.7195 and
715175b It advanced in London to
DM 24510 (DM 2.0315), Y15440
(Y153.60), SFr L66 (SFr 14385) and
FFr 6.7075 (FFr 64450). Its <
change rate index rase from 1104 to

110.7. Eage37

STERLING dosed in New York at
SL4480. It bounced back in London
after Bank of Engl an d intervention.
Its exchange rate index dosed at

69.7, up from 694 on Monday and a
record low of 66.0 when London
opened, it rose to DM 24725 (DM
24575), SFr 24050 (SFr 24725), FFr
9.72 (FEY 94775) and 72210
(¥223-75) It slipped to SL4400
(SL4565) Plage 37

GOLD .eased .back in . London to
cfosedownSM at 3433 an ounce. In
New York the Comes December
settlement was 5438. Page 36
ORANGE JUKE futures -prices in
New. York have risen sharply since .
the end of test week and yesterday
they topped SLOB per lb in the Janu-
ary position. Factors hwbfad the
rise include, curbs an exports by
Brazil. Page 38

POCLAIN, loss-making Frenc h hy-
draulic excavator group, suffered
an increased group net. deficit of
FFr 1004m (S15m) in the first half
of I486, compared with FFr 394m in
the first half last yemr. Page 21

PHARMACIA, Swedish pharma-
ceuticals and- biotechnology group,
and Etectro-Nudaon ic s, US biomed-
ical company, have signed a con-
tract which gives Pharmacia a
stake in the US group which in turn
will have exclusive US distribution
rights to Pharmacia prod-

ucts. Page 21

SAIPEM, 03 and gas pipelaying
u nd drilling subsidiary of Italy's
ENI state energy group, saw its
profits and revenues take a sub-
stantial drop in fire first half of this
year following the cris is in. the
world ail sector. Plage 24 *

ALUSUISSE would take about
three years to “work its way out of
the present crisis,” according to Dr
Hans Jocker, chief exeaitive officer
of the parent company,. Swiss Alu-
minium, Plage 21

HAMMKRMILL Paper, largest US
producer of fine writing paper,
which has agreed to merge with In-
ternational Paper, achieved a jump
in third-quarter operating Mniinp
to $154m from 85.6m. Page 22

BANCA COMMERCIALS Itahana,
Italy's second-largest bank in terms
of total assets, announced a 42 per
cent jump in net profits in the first
six mouths of this year, to LB4.7bn
($464m). Page 21

SKANDINAYISKA RnwinMa Brok-
en, leading Swedish bank, in-
creased its operating profits for the
first eight months of the year by 98
per cen^ boosted by falling interest
rates. Page 21

SUMITOMO, Japanese tyre maker,
said file loss-making UK Dunlop
plants it took over in 1985 are set to
be in profit next year. Page 12

Agnellis to raise
stake as Libya
sells out of Fiat

BY ALAN FRIEDMAN IN MILAN

LIBYA Is to sell its in

Flat The sale will raise more than
S3Jhn ami tiia A gnrili

family’s stake in the Italian motor ■
and industrial group!

It will also remove a possible bar-
rier to Fiatfs gaining Pentagon con-
tracts in connection, with- the US
Strategic Defence Initiative, the
Star Wars programme.

The Iibyan stake, which includes
1519 per cent of Fiat Ordinary
shares, had a market value yester-
day of Dearly J3-Sbn. It will be sold
at a diroount, : however, to net
S315bn based to the selling prices
quoted last night by Fiat ; .

West Germany’s Deutsche Bank
will place two-thirds, " or roughly
$2bh, of the Tih yaw glmroTinlHing
The remaining one-third, hiriading ■
10 per of Fiat ordinary
wiflbe purchased bylfll, an Agnelli
family vehicle which already owns ■
314 per cent id Fiat.

Fiat jumped by nearly 4

per cent an the Milan bourse yes-
terday, dosing at L1840Q.

Flat also said yesterday that pre-
tax consolidated pr of its -bad n ea rly
doubled tp Ll J47b» (S147ta) in toe
first six montiiK of this year, on
sales vp 10 per Cent to Ll44I8bn

from L13406bn. In a further de-
monstration of the steady financial
recovery it has achi e ved, in recent
years, the company reported that
net debt fell to L830fcn from
L3,074bn a year earlier. It forecast a
“considerable improvement in fufl-
year perfonnance from 1685.

The Libyan Arab Foreign Invest-
ment Company first bought toe
stoke' for about S300m ten years
A go , Up Giovanni Agnelli, Fiat
chairman, has been trying for many
months to get the Libyans to sell
out The presenceof two Libyans in
the Fiat boardroom ' has been a
growing embarrassment. The two
Libyan directors resigned. last
night .

Deutsche. Bank yesterday began
contacting institutions about the
huge share placing operation, to' be'
done mainly through the London
market On nffw are 5 per cent of
ordinary Fiat shares, 13 per cent of
preferred stock and 13 per nwt. of
non-voting savings shares. The to-
tal Libyan package consisted of
2Q5_Lm ordinary, 884m pre fer red
and 2644m savings shares.

DeutecheBank said Fiat ordinary
shares will be placed at S1L28 a

share, while preference stock win
have a placement price of $748 end
savings shares S6.75. The savings
shares will come with an entitle-
ment for holders to purchase stock
in fl-nman F Tnanziari a a holding
company.

Fiat said that Mediobanca, the
Milan merchant bank, would also
obtain sha re a One senior banker in
Milan said that Mediobanca which
is a dose ally of Mr Agnelli, would
end up holding 24 per cent of Fiat
ordinary s hare s.

Fiat said that the Agnelli family's
purchase of 10 per cent of ordinary
shares, to cost a little over Sldbn,
would be financed fay Mediobanca.
Mwiiniwnwi - bus traditionally fi-
nanced - Agnelli by ia«wng
bonds and' then faming proceeds
over to the AgneUis.

Paul Betts writes from Paris: Fiat
France has been granted a FFr lbn
two-year revolving credit -agree-
ment by a group of major French
banks fed by Oedit Lyonnais. The
’ credit lim» is designed to b*»lp fir
: nance the commercial operations of
the group in France induding those'
of file car di virion.

Lex, Page 20

Shevardnadze renews
attack on Star Wars

BY OUR UMTED NATIONS CORRESPONDENT

THE SOVIET " UNION responded
yesterday to President Ronald RA&-
gun's UN speech an arms control
with an other attach on his strategic
dgfanea initiative, charging that
^vil designs ate being passed oft as
good intention* and a swor d for a
shield."

Mr Eduard Shevardnadze, the
Soviet Foreign Minister, said that
no-one should be misfed by toe ass-
ertion that so-called Star Wars
would increase global security.

In fact, he said, it was an attempt
to conceal an attack on the suun pil-
lar of stability, the 1972 Anti-BaHis-
tie Missile treaty. "The intention is
to get file treaty oat of the way
within toe time frame of seven
years," Mr Shevardnadze said.

“Everything is carefully calculat-
ed here, for it is precisely in seven

NDAMHar Howe, British Jtah ,
dgn S ecreta r y , eapi eas e d gram,
cawccni yesterday ayt reports that
Argentina had concluded a Ihh-
~ erica agreement with the Soviet
Union arid to fadnJa Falkland
Islands* waters. In a memoran-
dum to tiw United Nations he
•aid tint this undermined pros-
pects lor a multilateral sotntiqn
to the FkDdands question.

years that they plan to prepare
space weapons for deployment
“The question is what for? Would
it not be more sensible to work for
an agreement on a complete elimi-
nation of xm ri ew miswflgs, whether
strategic, medium-range or any oth-
er, as we are proposing?"

In his speech to the UN an Mon-

Mr Rfmg ini tpTTpig-

. ness to make concession# 'On' Star
WWfsj*"tiiL "iltptoyntent of which
Moscow proposed,in effect,-be de-
layed 15 years. The President said
that tiiere would be no deploymait
of any space-based missile systems
for at least 7% years if file Russians
would agree to a US proposal by
which each side would continue to
adhere to the ABM treaty, which
prohibits the deployment of such
systems, and then negotiate a trear
ty permitting deployment.

Without such agre ement the US
would be free to deploy such a sys-
tem after Th years, after giving six

months notice.

“Whatever is done to conceal it
file so-called defensive space shield

Continued on Page 20

China signs $4bn N-plant deal

BY ROBERT THOMSON M PBONQ

CONTRACTS

day for a . $4bn nudear power sta-
tion at Daya Bay in southern China
after seven yBais o f negot iation and
m ffirp fay of mounting protests
from the people of nearby Hong
Kong.

The Guangdong plant is China's
largest joint venture project and di-
plomats believe it wifi be file only
nuclear power contract involving
large-scale purchases from foreign
companies.

The station is to be run by tbs
Guangdong Nuclear Power Joint
Venture Company, which signed
supply, contracts with Framatome
of France for pressurised water
reactors, with Electricite de France
(EdF) tor engineering des ig n and
Britain's GEC for the turbines.

Negotiations for the plant began
_i 1979 and became more sensitive
following toe Chernobyl accident
Anti-nuclear protests in Hong Kong
- fite plant is 50 km from toe Hong
Knng border - have gathered mo-
mentam in recent mouths, 'directing
attention at whether China is cap-
able of running a nudear plant

As well as supplying two B85 Mw
reactors, Framatome has sold the
company— 75 per cent owned by the
state-run Guangdong Nudear In-

vestment Company and 25 per cent
owned by the Khng Nudear
Investment Company - a safety
monitoring package. Mr Jean
CTwuffe Leny, Framatome's manag-
ing director, wilt- Hong Knng bff d
nothing to fear.

. Zhnn Ziyang, the Chrwow o Premi-
er, «*id after the signing the coun-
try should “pay greater attention to
the safety of nudear power plants
after the accident at the Chernobyl
power plant but that will not
change our attitude toward develop-
ing the nuclear power industry."

China, however, has lowered its
nudear aim in the past year. The
goal had been to build 10 nudear
power stations by the end of the
ce nt ury but senior nffWnlg said in
April there “would not be an ambi-
tious plan” for nudear power and
that “in the future we will rdy
mainly on our own efforts.*

Mr Leny denied reports that Chi-
na had requested and received gen-
erous discounts on the Framatome
contract, estimated to be worth FFIr
8bn (SOOthu). He said the equipment
cost was within 1 per cent to 5 per
cent of the company’s last sale to
South. Korea. “We really cannot
play with toe quality of the work.
Ve cant make big discounts. We

are' not wiwHwg automobiles or

watches."

The EdF contract is worth FFr
lbn. Contracts were also signed
yesterday with 10 British banks
and seven French banks for loans
to the Bank of'Qnna, China’s for-
eign exchange bank, which then
signed a loan agreement with the
joint venture company. The French
loans are backed by France's export
credit agency and the British by the
Export Credit Guarantee Depart-
ment

Loan repayments will begin
when the first generator is commis-
sioned, which is expected to be in
about 1993. The loans are to be re-
paid at the OECD consensus rate of
74 per cent and win be repaid over
15 years. Foreign exchange earn-
ings wQl come from the sale of 70
per cent of the plant's output to
Hmg Kong. China win he the sole
owner of toe plant by about the
year 2005.

Mr Leny ftirf. rhinn

had postponed indefinitely another
nuclear power plant at Smian, near
Sh angh ai , for which Framatome
had been bidding. Before the Gov-
ernment revised its out-

look, the Chinese midear market
had been thought by some industry
observers to be worth up to S20bn.
News analysis. Page 6

CONTENTS

Europe. &3

Companies ....... 21,22

America.. 4

Companies 21,22

Overseas S

Companies 23

World Trade 6

Britain 10—15

Companies 28-32

Agriculture — S®

Appointments 14

AppoiHtmeute advertising f-VI

Arts — Reviews 16

-World Guide 16

Commodities 36

Crossword - 33

C u rrenc ie s 37

Mi to ria T r rtm mwrf Jg

E ur ob ond s 24

40

l Futures 37

Gold ,..36

International Capital Marked .. 24

Letters......... 19

Lex ; 26

Management ................... ‘8

Market Monitor* .............. 44

'Men and Matters... 18

Money Markets ..37

Kaw Materials 36

Stock markets -Bourse* 41,44

-WaD Street . 41-44
-London.. 38-42.44

Technology — 26

Unit Trusts 334S

Weather 26

Netherlands: euthanasia

debate divides nation ..... 2

US: hand-built aircraft

tackles aviation first ...... 4

Lebanon: Israelis prepare
for possible attack 5

Shipping: revival in. the
tanker market .... . .1 . IV. 6

i

Management: how -Allied
Lyons defended itself 8

Editorial comment: UK
planning; UK Liberals ... 18

UK pay settlements: return
to going rate 18

The Commonwealth: why
Britain needs it 19

Lex: Fiat; Lasmo/Clyde
Petroleum 20

Technology: "new papyrus”
set for lake-off 26

and US
unveil
plans to
curb fraud

By CBva Wohnan to London

THE US AND UK yesterday un-
veiled toe first comprehensive
agreement between regulatory au-
thorities at cracking down on
rntnamatigTuii fraud ami malpractice
in firmTwnwi markets.

The iwwinranHiim of under-
standing, which is to he followed by
a more formalised US-UK mutual
assistance treaty, is expected to
pave the way to a series of other bil-
ateral agreements, particularly be-
tween the UK and Japan and the
UK and several European coun-
tries. The signatories of the memor-
andum are the UK’s Trade and In-
dustry Department and the two US
regulatory authorities responsible
for the securities futures mar-
kets, the Securities and Exchange
rnmmiwtmi (SEC) th» flu m-
modr ty Futu res Trading Commis-
sion (CFTC).

The agreement lays down a
framework for the confidential ex-
change of information between US
and UK regulators to assist their in-
vestigations. It supersedes an infor-
mal set of case-by-case arrange-
ments which are considered stow
and chuhsy and are often a source
of disputes.

The chief areas of concern are
d«»Hwg in company shares on the
basis at imride information, frendn-
fent misrepresentation fay deal er s
and market mawipniatfan, in parti-
cular the “cornering- of commodity
markets and excessive buying and
selling of securities to create a false
Ttw pmwann of activity. Exchanges
of information will also cover
breaches by investment businesses
of the regulations on capital adeq-
uacy; co m petence and honesty.

The agreement is expected to be
invoked several dozen times a year
and to be used with increasing fre-
quency as trading in equities, bonds
and futures and options contracts
becomes more globaL

ha recent years, the SEC has led
file way in chwiionging traditional
banters, to the policing .of interna-,
tional financial fraud. In 1982, it
signed a treaty with Switzerland
which allows it to prise open and to
freeze the bank accounts of suspect-
ed insider dealers. In July it signed
a similar agreement with toe Cay-
man Islands, while an agreement in
May between toe US and Japan
provided for a limited exchange of
information on a case-by-case basis.

However, file SEC also aroused
strong opposition from the UK and
other countries with a proposal that
foreign investors using US fi n a ncia l
markets should be deprived of some

Continued on Page 20

Details, Page 24

Dollar recovery
prompts UK to
defend pound

BY PHILIP STEPHENS, ECONOMICS CORRESPONDENT,

IN LONDON

THE BANK of England was forced
to step in to defend the pound yes-
terday as a further recovery in the
dollar's value put the British cur-
rency under pressure and created
concern in financial markets over
the outlook for interest rates.

Sterling recovered its earlier
losses after the Bank of England in-
tervened in the currency markets
when it began to slide both against
the dnHwr wnd against continental
European currencies. After its in-
itial rebound, however, it began to
slip back in New York trading.

The ftinlf wiuHa no nffirial com-
ment, but foreign exchange dealers
said that it had been openly selling
D-Marks and dollars as the pound '
touched the day's lows yesterday af-
ternoon.

The intervention was interpreted
as si gnalling that the UK Govern-
ment considered that sterling’s fan
over the past few weeks had gone
far enough, but that if possible it
wanted to avoid a politically damag-
ing rise in interest rates ahead of
the Conservative Party annual con-
ference early next month.

Mr Nigel Lawson, the Chancellor
of th* 1 Exchequer, indicated con- -
cera to get agreement on stabilising
currency markets at the meeting of
file Group of Five major industrial
countries in Washington on Friday.

He told a mawting of the National
Economic Development Council: *T
shall be going to Washington with

tWO i"i»fa afma in mind; to Consoli-
date the greatly improved pattern
of exchange rates we have achieved
and to build on and strengthen the
co-operation: between our coun-
tries.”

The impact of the intervention,
which the Bank made no attempt to
disguise, was strengthened by the
general nervousness after the
weekend meeting of European
Community fiw*ww» ministers »tm 1
bank governors in Glaneagles, Scot-
land.

At that meeting, the central
banks decid ed to defend the present
parities in the European Monetary
System’s wwiump nte mechan-

Con tinned on Page 20

Money markets, Page 37

Paris delays decision
on exchange controls

BY DAVjD HOUSEGO M PARIS

MR EDOUARD BALLADUR, toe
French Finance Minister, has put
off the pi«mu»d announcement to-
iwqrwjir nf no lovatin n of

FrenchToreign exchange controls.

The official reason given yester-
day was that the date had been in-
chosen in terms of political tiding
ami file weekend meeting of the In-
ternational Monetary Fund in
Washington. But foreign exchange
dealers linked it more directly to
the strains in the European Mone-
tary System caused by the flow of
funds into file D-Mark.

Mr Balladur has promised on
several occasions that controls
would he completely lifted by the
aid of the year. This has been tak-
en to mean that French residents
would soon be allowed to open for-
eign exchange aepounte abroad and
that French banks would be able to
lend in francs to non-residents.

But Mr Balladur implied yester-
day that this might no longer be the
government’s goal in saying that he
would give himself name weeks of
reflection before «faoMing whether
it would®) “the whole or part of the
way."

The Government now intends to
await the outcome of toe meetings
of finance ministers in Washington
to d&kfe what farthe r measures to
take. Mr Balladur said yesterday
that “we will get a dearer view on
currencies after the Washington
meeting.”

Finance Ministry officials yester-
day still expected toe Bundesbank
to make a further cut in West Ger-
man interest rates - thus relieving
the pressures within file EMS. But
they also implied that the next
steps in relaxing foreign exchange
controls might be more limited than
have so for been expected

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2

EUROPEAN NEWS

Financial Times Wednesday September 24 1986

EEC ministers
close to new
jobs strategy

BY JAMES BUXTON IN EDINBURGH

EEC EMPLOYMENT ministers

are dose to accepting a new
strategy for fighting unemploy-
ment which would concentrate
on helping small businesses and
foster more flexible working
practices. This follows an infor-
mal imping of Community
Employment Ministers in Edin-
burgh, which ended yesterday.

Lord Young. British Secre-
tary of Stale for Employment,
who chaired the meeting as part
of Britain’s Presidency of the
Council of Ministers, said he
believed the meeting bad
“ changed the dialogue in the
EEC, as far as employment
minLciws are concerned. Unis
Is only a beginning bat it could
transform what the EEC does."

The ministers met to consider
a document on employment
growth drafted by the British,
I talian and Irish employment
ministers, of whom the latter
two are from Socialist parties.
The document sets out about
40 proposals for easing the con-
straints on people obtaining
jobs.

The four main themes of the
proposals are help for small
businesses and self employ-
ment: encouraging more

flexible working practices: bet-
ter training: and greater assto-

BY LESLIE COUTT IN BERLIN

TENSIONS have rise over bor-
der incidents between Czecho-
slovakia and its two Western
neighbours, despite a warm
glow of East-West saisfaction
over tiie just-ended Stockholm
conference on disarmament and
security.

In talks at the United Nations
with the Czechoslovak Foreign
Minister, Mr Bofauslav Chnou-
pek. West Germany’s Foreign
Minister, Mr Hans Dietrich
Genscher, today is to take up
the fatal shooting last week of
a West German citizen by
Czechoslovak border guards.

West Germany launched a
strong protst with the Prague
Government at the weekend
oger the shooting of a retired
West German army officer, who

tance for the long-term unem-
ployed.

Following the favourable out-
come of the two-day inurmal
meeting, the document will be
elaborated before being pre-
sented in the form of a resolu-
tion to the next formal council
of employment ministers which
takes place in December.

The two British ministers.

Lord Young an d Mr Kenneth
Clarke. Employment Minister,
yesterday presented the out-
come of the meeting as a con-
siderable success for the British
Presidency.

‘■For years the Commission
has served up the Council of
Ministers with a diet of draft
proposals on employment rights
and protection which the coun-
cil was always turning down,”
said Mr Clarke.

44 Now they are going to have
to start working on more pro-
posals for aiding employment
by easing constraints. We may
ask the Commission to draft
new directives, but only If we
need them.”

There had been no dissent
among the ministers at the
meeting; Lord Young said.

The new approach appeared
to have the support of Mr
Jacoues Delore, the President
of the EEC C ommissio n.

was said to be strolling along
the border on German terri-
tory.

In another incident, the
Bavarian police said yesterday
that two East Germans who fled
across the Czechoslovak bonier
to West Germany were fired on
by border guards. The West
Germans were investigating
whether any shots had *»n«»n on
their territory.

The Austrian Foreign
Ministry charged on Monday
that Czechoslovak border guards
commanded their shepherd dog
to attack an Austrian who was
picking mushrooms and dra gged
him across the border. He was
held for seven hours and re-
leased after signing a statement

Ecevit
acquitted
of violating
political ban

A TURKISH criminal court
yesterday acquited former
Premier Bulent Ecevit on
charges of violating a law bar-
ring him from political activity,
AP reports from Ankara.

In the second hearing of a
trial that began in July, the
prosecutor asked for Mr Ecevitis
acquittal, saying support of a
party does not constitute viola-
tion of tiie political activity ban.
The judge concurred ami
ruled for acquittal.

The prosecutor bad charged
that Mr Ecevit participated in
active politics when he at-
tended and addressed a Conven-
tion of the Democratic Left
Party on May 18. The party is
headed by his wife.

Mr Ecevit and 100 other
former politicians, cannot join,
lead or be affiliated with pol-
itical parties or ran for elec-
tive office until 1992.

Soviet talks hope

The Western defence alliance
has a major opportunity to “do
business" with the Soviet Union
under Ur Mi khail Gorbachev’s ;
leadership. Nate’s Secretary-
General, Lord Carrington, said
yesterday. Renter repots.

He told tiie annual assembly
of the Atlantic Treatv Associa-
tion that the Soviet T jraderehip
was ready to think in radical
terms in the field of arms con-
trol and disarmament and to
push through necessary
decisions.

Finns to borrow more

Finland wQl borrow FM 14.7bn
(£2.02bn), some 23 per cent
more than in the current year,
to balance its budget for 1987
which was sent to the Helsinki
Parliament yesterday. Renter
reports.

The 28 per cent rise in
borrowing follows an increase
of only 11 per cent in 1986.
Finns will pay a few per cent
more for drinks, tobacco and
fares. Bat tax scales will be
revised downwards by 4 per
cent Taxes on property will be
slightly eased to boost the
private sector.

Unemployment report

THE REPORT Reducing Unem-
ployment in Europe; the Role
of Capital Formation has been
published by the Centre for
Euro pean Policy Studies as
CEPS Paper No 28 and not by
the European Commission, as
reported In yesterday's
financial Times.

Tensions rise over Czech
border incidents

Laura Raun in Amsterdam reports on an ethical issue with political implications

Euthanasia debate divides Dutch public

EVERY day in The Netherlands
at least 20 people are believed
to die at their own request
through mercy wmwg - Eutha-
nasia may be no more common
among the Dutch than in other
industrialised countries —

although many thrnk ft is

but they may be the first people
to legalise ft.

A legislative bill that would
permit mercy killing by doctors
under strictly defined circum-
stances, the first of its kind
in the world, was introduced
2} years ago by the Democrats
'66 party, and the ruling
Christian Democrat - liberal
coalition has promised to recon-
sider the highly Iss ue

again by next January.

Legally speaking, euthanasia

remains a criminal offence
punishable by Imprisonment
for up to 12 years or a heavy
fine. In practice, however. It
has occurred more and more
frequently since a 1973 Supreme
Court decision that justified
mercy killing under certain
conditions. A Friesland physi-
cian was given only a token
sentence after she granted her
mother’s plea to be released
from unbearable pain by death.

Another Supreme Court deci-
sion in 1984 upheld the earlier
ruling. Rising cancer rates;
major medical advances that
can prolong life and a greater
willingness to discuss the sub-
ject have also increased the
number of instances in which
death is aided by a doctor.

Deaths from euthanasia have
been estimated as high as

20.000 a year, or 1 in IS of all
mortalities, although no official
figures are available. Between

10.000 and 32JIOO are believed
to be cases of “passive”
euthanasia, where medical

treatment is halted or medicine
such as painkillers is given,
which hastens dying. “Active ”
euthanasia accounts for
between 6,000 and 10,000
deaths.

Popular support for mercy
kflliog seems to be more wide-
spread titan elsewhere in
Europe or the US afthoutfi per-

accident Her physician aided
her suicide after repeated re-
quests from her and consulta-
tion with colleagues and was
acquitted of any wrongdoing by
the court

The issue has already caused
serious dissent within the
Government coalition. The
Christian Democrats, an

PUBLIC OPINION POLL ON EUTHANASIA PUBLISHED IN
JANUARY ISM
(figures riven fai percentages)

1»M 1976

Dutch in favour of active euthsmsia 33 2B

Dutch in favour of passive euthanasia 40 2B

Dutch totally opposed to active cuthmifa 20 25

Dutch toady opposed to passive c mthaaes ia 14 27

haps on a par with Scandinavia.
A majority in parliament and
three-quarters of the population
favours euthanasia. Last year
a Government commission
recommended that the penal
code sboukl be changed to allow
induced death in cases of
“ hopeless ” illness; but in July,
tiie Netherlands 1 highest
advisory body, the Council of
State, issued an opinion that
the time was not yet ripe for

This m o n t h the momentum
has resumed with a District
Court ruling in The Hague
which significantly broadened
tiie scope for ending a life to
include unbearable mental
anguish as well as physical
pain.

A 9S-year-old invalid woman
who was suffering severe
mental anguish as a result of
physical deterioration had
signed a “living will,” written
by the Netherlands Association
for Voluntary Euthanasia, ask-
ing that her life be ended in
case of terminal sickness or

amalgamation of three Protes-
tant and Roman Catholic
parties, oppose euthanasia on
the grounds that it violantes
the Bible’s interdict against
killing. The right-of-centre
Liberals strongly support mercy
killing as an exerdse of
individual freedom.

When the issue comes up
again for parliamentary debate
next year the most vexing
ethical question wHl be when
induced death win be allowed.
The Christian Democrats have
bowed to public pressure and
earlier this year the Cabinet
drafted its own “test” Bill that
would restrict the application of
euthanasia more than the pro-
posal drafted by Democrats ’66.

Mr Ruud Lubbers, the
Chrlstifti Democratic Prime
Minister and a Roman Catholic,
has said he can go no further
than his Cabinet's draft Bill
requiring “ concrete expectation
of death.” The Democrats ’66
proposal would justify death in
a “hopeless emergency situa-
tion.”

Fears of Norway oil rig cuts

BY FAY GfESTER IN OSLO

THE NORWEGIAN Ship-
owners* Association fears that
more half of its members*
mobile oil rigs, and a third of
their offshore supply vessels
will be unemployed by the end
of this year.

Its latest quarterly report
notes that for a long time, tiie
offshore sector has provided a
“valuable supplement” to
traditional shipping activities.

The oil price collapse
has, however, 41 dramatically
changed ” the situation, leading,
so far this year, to a 25 per
cent cut in oil company
exploration budgets.

“About half of the planned
new wells on the Norwegian

shelf ha the current season have
been postponed. Developments
in 3987 can lead to further
cuts," it predicts.

The Association's Quarterly
statistics show that on Septem-
ber 1 their members owned 52
drilling, accommodation or con-
struction auxiliary rigs, 26 of
them Norwegian-registered.

On that date, eight of the
Norwegian Sag rigs were laid
up, and 14 of the foreign-
registered units. Of 190 Nor-
wegian-registered supply and
service vessels, 40 were laid up.

Of 77 such vessels owned by
Norwegian companies, but
registered abroad, five were

bud up.

The report contrasts the
gloomy picture offshore with the
improvement in the tanker
muhet, where volumes shipped
have risen.

The Association warns, how-
ever, that tanker fleet capacity
still exceeds total demand, and
suggests there is a danger that
41 the temporary i m provement in
the market may arrest the pro-
cess of adjustment needed to
rid tiie world tanker fleet of its
surplus tonnage.”

The Norwegian-registered
merchant fleet shrank by S3
units, totalling 4m dwt, during
the first eight months of this
year, to 614 units totalling
12.9m dwt

Opponents argue vehemently
that chang in g the penal code
could jeopardise their right to
live. The church, elderly people
and patients have voiced fearr
that a euthanasia law could be
abused. The Roman Catholic
bishops have branded the
euthanasia lobby as a “ descent
into barbarity” while the
Netherlands patients' organisa-
tion has warned of a “tear
psychosis” among nursing home
residents.

But the Dutch Association for
Voluntary Euthanasia and many
in the medloal profession say
that legislation is needed
urgently to clarify everyone's
rights. Five court cases are
pending against doctors accused
of unlawfully taking a patient’s
life

The 25,000-member Voluntary
Euthanasia Association, founded
in 1973, provides no “suicide
cocktails ” but puts patients in
contact with doctors willing to
help in death. More than 30
volunteers work in the
“members aid service” which
offers information and advice
on medical, legal and

ethical aspects of eutha nasi a to
patients and doctors either
directly or through assoc iated
physicians, lawyers and clergy-
men.

Doctor Leo Fretz, Professor
of Social Ethics and Political
Philosophy at Delft Technical
University and chairman of the
Association said in an inter-
view that he expected legal
change. “ But I don’t exclude
that more court judgments
would make a Change in the
law unnecessary and that
punishment under medical dis-
ciplinary law would be re-
duced,” he added.

Mr Knud Lubbers

Doctor Fretz pointed out that
the desire for wide public
debate and individual freedAm
had had a high priority In the
country since the time of
Erasmus, the humanist
philosopher.

“We like to be sincere,” he
said “We are an open people
with intensive public debate on
moral issues such as cruise
missiles, nuclear energy, homo-
sexuality arid incest”

One member of the Associa-
tion, a man suffering from de-
bilitating lung cancer which
placed a burden on his family,
had told them of his plan to
die, which they had accepted.
The family respected his desire
to avoid a life of pain and de-
gradation, his widow said. “It
was better that way, a Chance
for us to say goodbye to him
before it was all over.”

Irish minister dismissed
over ‘conflicting interests’

BY OUR DUBLIN CORRESPO N DENT

THE IRISH Prime Minister Dr Gar- this year when Mr Coffins' family
ret FitzGerald, had dismissed a jun- company encountered financial dif*
kxr minister in his Cabinet follow- Acuities. Guidelines far Irish mmis-
ingdaimsef a conflict af interest in tezs preclude daytoday fnvolve-
bnrinasa flgwling a- ment in business interest s, but

Mr Eddie Coffins, a Fine GeelDe- there were allegations that Mr Col-
puty and Minister with respcnsihili- Htm had been intimately involved
ty for energy, said yestenky that These led to a meeting last Janu-
DrfitzGerald had sought his rerig- ary between Dr FitzGerald and his
nation but he had refused to agree junior energy minister, after which
to this because be felt there were no the Irish Prime Minister assured
grounds for his standing down. Dr pnrHnmcn* amt Mr Cnnirm had
KtxGerald then dismissed him. severed all direct conne ctions with
The c on trov er sy surfaced earlier the co mpany .

Life is about more than industrial energy.
And so is Elf Aquitaine.

Sanofi, majority owned by Elf, is Frances
second largest pharmaceutical company Sanofi
also has significant cosmetic activities, with world
renowned brand names like Yves Rocher, Van Cleef
and Arpels, Roger &. Galletand Stendhal.

In 1985, Sanofi alone spent over 1 billion
francs on research.

Helping to prove that Elf is far more
than just another oil company

W". The ubiquitous Elf Aquitaine.

virowuiKy umj imwiunu w tut miwiiil

Sabena.

Savoir faire in the air.

Some of the pleasures of flying Sabena are provided

by people whose feet never leave the ground

But Sabena's ground maintenance crew are Departing, arriving, or connect.™ *♦
high flyers in their own field. Their experien- Brussels international airport * The friJSrito
ced and highly qualified mechanics not only hassle-free atmosphere will de'lioht vouSi

hflvn a solid nnri ripmanrilnn fnrmntinn. hi it it>« "'ragniyGU-and,

have a solid and demanding formation, but
they are also constantly updating their skills.

Wherever Sabena go, they are backed up
by the competence and care of their skilled
ground maintenance crews. That kind of care
makes travel with Sabena a real pleasure.

-.j . , r — — »■ 1 'VJUU-rtl Ml_

jteoniy minutes away from the heart of

On the ground or in the air, you can count
on Sabena s savoir faire.

Make sure you’re booked aboard

BELGIAN WORLD AIRLINES

Financial Times Wednesday September 24 1986

EUROPEAN NEWS

iSi

Vienna talks given
fresh hope by
Stockholm accord

BY PATRICK BUW IN VIENNA

PRELIMINARY WORK on the
third follow-op Conference on Se-
curity and Cooperation in Europe
(CSCE) started in Vienna yes terday

ment in Stockholm on Monday.

Opening the 35-nation meeting
Mr Peter Jankowitsch, Austria's
Foreign Minister, said the Vienna
confcrenre could start a “xw era erf
detente" but warned thee were still
too many violations of the Helsinki
Final Act signed in 1975.

The Final Act launched the Heir
smki process which to re-

duce tensions, promote disarma*
m e nt and increase confidence be-
tween East and West through closer
links, economic co-operation ami
the promotion of human ri gh ts.

Mr Jankowitsch said it was nec-
essary to make a realistic assess-
ment and the “right diagnosis’*
about the state of East-West rela-
tions with a full and frank review of
progress under the Helsinki agree-
ment.

“Again and again we have to reg-
ister grave violations of the Helsin-
ki Final Act Again and «g»fa the
overall positive trend is interrupted
by serious setbacks. This discrepan-
cy between words and deeds dam-

ages the credibility of fee CSCE
process and represents the biggest
barrier for Its future development."
he said.

The Stockholm wfwwwwt wfT)
help to improve fee ruim*t o of rela-
tions between East and West but in
spite of this success the ahOity of
nations to re ach consensus had se-
riously declined in recent years and
there were still dangers of “sterili-
ty" “confrontation^.

The meeting will last a maximum
of two weeks during which it will

ftgteMiqh a tnu ffahlp aiwi m nyiwta

for the fell crmforence starting on
November 4.

Western delegates hope fee con-
ference will spend more time, possi-
bly until Christmas to review prog-
ress since HrfcinW fee three
weeks spent at Stockholm. Western
nations will »iw be pressing the
conference to focus more on human
rights and hnrw^n contacts as key
elements in developing confidence,

"A b alance has to be found be-
tween human rights principles and
military aspects of security. The
non-zmbtary aspects of security are
as important as fee mOitaxy nnw|
Respect for human rigbte-mff«M»<aMt

security "said on Western diplomat

Chrysler to step up its
exports to Europe

CHRYSLER, fee US car producer,
plans to re-enter the European mar-
ket on a larger scale by stepping up
exports of US-built cars and trades,
Baxter reports.

Mr Robert Lutz, Chrysler’s execu-
tive vice president far international,
truck and component operations,
said yeste r day feat the numbm-
three US car maker believed its
minivans, sporty Daytona cars, new
Dodge Shadow compacts ur fee new
Chrysler LeBaron coupe - which
goes on sale in fee US next year -
were potential candidates for ex-
port to Emope.

“We’re initially not fatUrfng about
term of thousands, certainly not
about hundreds of thousands,” Mr
Lutz said.

But Chrysler’s position as fee
low-cost US producer, coupled with
a weak dollar, could permit the
company to emulate Japanese car
makers in increasing its presence
in fee European market, he said.

**I think we can go after fee main-
stream of fee European market, not
just fee exotic niches.”

FINANCIAL TIMES
Published fay The Financial
(Europe) LUL, Frankfort Branch,
represented fay L Hugo, Frankfort/
Main, and, os m em b e r * of the
Board of Director*, 7. Barlow,
RAJ. Modem. G.TE. Darner, M-C.
Gorman, BAP. Palmer. London.
Printer: Frankfurter- Sodotitta-

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dam postage P*“* ** Now York,

JJ,Y, find At additional ntidlint of* ■
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1W»L

Chrysler divested its European
operations several years ago when
It was tewng bankruptcy. Tfarlinr
this year the company sold afi its 15
per cent stake in Peugeot, the
French car group, which it received
earlier in exchange for its Euro-
pean operations.

Meanwhile, Chrysler has half
completed its programme to reduce
costs by $2^00 per car to achieve
manufacturing cost parity wife Jap-
anese co mp eti to r s , Mr Harold Sper-
Kch. Chrysler Motors president
said.

Mr Speriidi said S500 of fee art
disadvantage identified two years
ago represented costs such as
manpower and overhead while

52.000 represented variable costs in
areas as ra^TmfiiMnrmg pffj-

denriei, costs of campooenta and
currency fluctuations.

"A great port of tixe savings must
be an the parts we bay,” he said. - . -

Mr Lutz, who joined Chrysler
nearly four months ago after a long
career as a,top Ford Motor execu-
tive, inrinriing rhnrrmawghip of

Ford’s European operations, said
Chrysler exports only “modest
quantities? of vehicles to Europe at
present . .

“1 would hope we could begin in
calendar 1987 wife serious ship-
ments of cars.” '

Although volumes trill be under

10.000 a year for the first two years,
Mr Lutz predicted that within a few
years Cfoysler would export more
cars from fee US to Europe thaw
any other American ma nufac t ure r .

- On the domestic front Mr Lute
isaid the company’s goal for the 1987
windfli year is to take no ^ than
15 per cent of fee US truck market
That would be up Rom tills years
share at around 1L5 per emit

Chrysler’s new midsize pickup
truck, the Dakota, along wife other
new vehicles, will help contribute to
fee hoped-for increase in market
share.

Sweden set
for public
sector
strike

By Sun Webb In Stecfcfaohn
1 'Hk SWEDISH public sector
unions have threatened to come
out on strike next Tuesday fol-
lowing the breakdown in wage
negotiations last Friday.

The unions, who represent
about L3m civil servants and
local government workers,
have announced that members
in key administrative positions
will be called out from noon
next Tuesday to cause the
maximum harm for the Govern-
ment without “butting ordin-
ary people. **

. The Plan is to call off train
ticket collectors and sellers
(which would allow people to
use the state railway system
without paying), post office
workers, and customs officials
; — a move which fee unions cal-
culate could cost the govern-
ment SKr lbn (£97. 6m) a week.

The union for municipality
and county council workers has
said its 600,000 members will
operate a work-to-rule, while
dock and traffic workers will
come out on strike.

public sector em-
ployees want an agreement
which brings them in line wife
private sector workers, who
reached an agreement in fee
spring whereby wages would
rise by 9.5 per cent in 1886-87.

Rise predicted
In W German
bankruptcies

By Peter Bruce in Bonn
WEST GERMAN business bank-
ruptcies are expected to rise 4 J5
per cent to a record 17.000 this
year despite claims by fee Gov-
ernment feat fee domestic econ-
omy is undergoing a substantial
recovery.

The Btlrgel economic services
group said however feat 75 per
cent of fee companies likely to
collapse this year would be less
than eight years old and 35 per
cent less than three years old.

Businesses in fee service sec-
tor had been worst hit fee group
said in a report, and nearly 2,000
service operations had become
insolvent in fee first half of fee
year.

Industrial bankruptcies had
fallen just over 6 per cent. Bar-
gel added. A credit reform asso-
ciation reported, meanwhile,
feat between January and the
end of August, total insolven-
cies rose 3J. per cent to 10.620.

Government In
Norway ‘loses’
popularity

SIXTY per cent of Norwegian
voters are dissatisfied wife fee
performance of Prime Minister
Gro Harlem Brundtland’s
Labour Government, an opinion
poll published yesterday said.
AP reports.

• According to a survey con-
ducted by the Gallup/NOI
Institute and published in fee
independent, conservative-lean-
ing Oslo daily Af tenposten, only
32 per cent of fee more than
1,000 people interviewed were
satisfied with the Government's
work.

“Last March, a majority of 53
per cent were satisfied wife fee
government of coalition leader
Kaare Willoch and only 39 per
cent were discontent.

-Aftenposten said.

Chernobyl close to worst possible

BY DAVID HSHLOCK IN VIENNA

THE SOVIET nuclear explosion
at Chernobyl in April came
close to being the worst kind of
accident imaginable to a nuclear
reactor, experts who analysed
fee Soviet accident report have
concluded.

The victims were 300 nuclear
employees and firemen, of
whom 31 have died so far. But
no member of the public
been put in hospital by
Chernobyl's radiation.

These are among the con-
clusions of the International
Nuclear Safety Advisory Group
(INSAG), a standing committee
of nuclear safely experts.

This committee has studied
fee lengthy Soviet accident re-
port delivered to a post-mortem
on Chernobyl last month, and

have cross-examined a Soviet
delegation drawn from officials
masterminding the post-accident
recovery operation.

Its report is being submitted
to a special conference of the
international Atomic Energy
Agency in Vienna today for
formal acceptance by fee
governing body of fee tIN
agency.

It is expected to be published
later this week.

The INSAG committee, under
the chairmanship of Dr A. P.
Vuorinen, chief nuclear inspec-
tor of Finland which operates
both Soviet mid Western re-
actors, found Chernobyl was
almost a “worst case” in terms
of fee risks of nuclear energy.

Explosive reactions destroy-
ing fee cores of reactors have

been reported before, but only
in small experimental reactors,
in the US and Canada.

At Chernobyl, a “super-
prompt critical excursion "
occurred In a 1,000 Mw power-
producing reactor, fee experts
conclude.

Its fuel disintegrated into in-
candescent particles as fine as
face powder, causing a violent
steam explosion in fee cooling
water, which lifted fee 1 , 000 -
tonne reactor roof and ruptured
all cooling water connections.

A second explosion is still
not fully explained.

The experts find “potential
for improvement in fee design
and operation of nuclear power
plants.** It says the accident
was caused by a “remarkable
range of human errors and

violations of operating rules in
combination with specific re-
actor features which com-
pounded and amplified the
effects of fee errors and led to
the reactivity excursion.”

Two vital conclusions drawn
are:

• The importance of placing
complete authority and respon-
sibility for plant safely on a
senior member of the operating
staff. At Chernobyl, fee reactor

was handed over to a contra c tor

for experiments before being
shut down for maintenance.

• The importance of cultivat-
ing a “nuclear safety culture"
at nuclear plants to reinforce
formal operating procedures.

The experts say the Soviet
report was “thorough and
professionaL**

Britain in bid to break air fare deadlock

BY QUENTIN PEB. IN BRUSSELS

TRANSPORT Ministers of fee i
EEC have been summoned to a
special meeting next week in <
a bid by fee British government <
to break their long-standing i
deadlock over liberalising air 1
routes and clearing fee way for
cheaper fares.

The whole informal council ‘
meeting in London will be \
devoted to air transport, Mr !
John Moore, British Transport
Minister and current chairman, 1
said yesterday. i

He spelt out his to make (

significant progress in liberalis-
ing air fares and routes, in spite
of fee opposition of a majority
of member states, in a speech
to fee transport committee of
the European Parliament

Mr Moore set out four steps
as fee core of a package which
should provide “the first step
towards aviation liberalisation*’
in the Community:

• Allowing airlines to set their
own fares, vary their prices, and
get them approved without

having to consult other air-
lines;

• Break the “stranglehold" of
50:50 sharing arrangements
between airlines;

• Ensure easier market access
for newcomers or competing
airlines;

• Enforce EEC competition
rules in air transport

“The consumers of Europe
have suffered too long from
inflexible fares and other
arrangements," Mr Moore said.

The British effort to press
fee liberalisation package
through the council will pro-
ceed in parallel wife the
European Commission’s action
to start the process of competi-
tion proceedings against fee
major European airlines.

The Commission has agreed
on a two-month extension for
several of fee airlines to reply
to its charges of price-ring
and operating cartels on major
EEC routes.

Austria

orders

N-plant

dismantled

By Patrick Blum in Vienna
THE AUSTRIAN Govern-
ment has ordered the dis-
mantling of fee Zwentendorf
no dear power plant, fee
country's only nuclear power
utility, thereby ending years
of speculation about fee
plant's future.

Dr Norbert Sieger, fee
Vice-Chancellor and minister
responsible for energy, has
asked the stale electricity
company “ Immediately to
begin wit fafee liquidation of
the assets (of fee plant) in
a business-like and economic
way.”

The plant which has eO't
over Sch I lbn (£520m) was
completed In 1978 but never
used because a referendum in
the same year came out
against commissioning it.

Several subsequent attempts
to overcome constitutional
obstacles to putting fee
plant into operation failed
and the recent accident at
Chernobyl sealed its fate.

Bechtel International of
the US has made a study on
various ways of liquidating
the plant, in eluding selling It
off in parts, but none of fee
options are expected to
recoup fee plant's cost until
now.

A complete demolition
would take about seven years
and cost 3105m (£70Jhn),

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4

Financial Times Wednesday September 24 1986

AMERICAN NEWS

Sprinkel predicts
stronger growth
in US economy

BY STEWART FLEMING, US EDITOR IN WASHINGTON

THE US is set for a M gathering
of strength in economic
activity ” in the coming months.
Dr Beryl Sprinkel, chairman of
the White House council of
economic advisers, said yester-
day.

His comments followed the
release of disappointing figures
on the outlook fo r P S manu-
facturing industry but
encouraging news about
inflation.

The Commerce Department
reported that durable goods
orders in August fell 2.6 per
cent, largely because of a sharp
decline in defence orders. Non-
defence orders also declined
moderately, by 0-3 per cent It
also revised downwards the
July orders data to show a rise
of 3.4 per cent instead of 4.1
per cent

The department said con-
sumer prices rose by only 0.2
per cent last month, a smaller
increase than many economists
bad expected.

Dr Sprinkel conceded that
the best news on inflation may
be over. He said he expected
inflation to “ ooae up" slightly

next year perhaps to the 3-3}
per cent range.

However, he said he was opti-
mistic about the outlook for
economic growth because of
recent trends in employment,
inflation, personal income and

consumption and manufactur-
ing output

Be conceded, however, that
the trade deficit which has
been a major drag on the
economy, was not showing the
improvement the administration
tisd anticipated.

He indicated too that
stronger growth would tend to
keep Interest rates at the
slightly higher levels than they
have reached recently, and
agreed with the views of some
Federal Reserve Board officials
last week that the immediate
outlook for a cut in Fed-admini-
stered interest rates was not
encouraging.

The White House has consis-
tently sought to put the econor
mic outlook in the best possible
light because of the importance
of the economy's performance
to President Ronald Reagan’s
political prestige. The forth-
coming mid-term elections pro-
vide another reason for White
House optimism.

The optimism is not widely
shared among private econo-
mists, however, many of whom
suspect that even if growth
does accelerate from the slug-
gish real annual rate of 0.6 per
cent recorded in the second
quarter, the improvement will
not be dramatic and that at
best the second half of the year
will see an annual rate of expan-
sion of around 2 per cent;

Paraguay to introduce
floating exchange rate

PARAGUAY has announced a
major overhaul of its exchange
rate policy, putting many
exports and nearly all Imports
under a floating rate and bring-
ing the co on tty’s fixed rates
more in line with the currency's
real worth, AFJNT reports from
AscunctoD.

The sweeping reform «!«>« to
boost flagging foreign trade,
stem a flourishing black market
and free World Bank credits
frozen In an exchange rate
dispute.

The reforms were announced
by Mr Delfln Ugarte, the
Industry and Commerce M ini -
ster after a meeting of Presi-
dent Gen Alfredo Stroessner’s
top economic officials.

The exchange rate for foreign
credits was fixed at 320 guaranis
to the dollar, representing a 25
per cent devaluation from the
old rate of 240 to foe dollar, Mr
Ugarte said.

The rate used to apply to all
public sector imparts and many
private sector imports, such as
farm fachinery, bat Mr Ugarte
said almost all imports from
now on would be transacted at
foe floating rate of exchange,
which on Monday stood at 625
guaranis to the dollar.

An exception to the free
import rate was petroleum pro-
ducts which would be imported
at a rate of 400 to the dollar.
Under the old policy, foe rate

was 160 to the dollar. Paraguay
imports all of its dL

A new exchange rate also was
set for exports of soyabeans and
cotton, at any average 400 to
the dollar. It previously was
set at an average 320 to the
dollar.

AH other exports would be
traded at the free rate of
exchange. Mr Ugarte said foe
cost of public goods and
services, including electricity,
telephones, water and trans-
portation, would probably rise.

Soyabeans and cotton repre-
sent 80 per cent of foe coun-
try's registered export earnings,
which totalled $312m- last year,
according to foe Government.

Hi foe first half of 1986. ex-
ports totalled $101 .3m, down
44 per cent from foe same
period last year, while imports
rose SOB per cent to $289.4m,
creating a six-month trade de-
ficit of $188Jm.

The figures do not include a
rapidly growing trade in contra-
band, which according to World
Bank studies is equal to or ex-
ceeds officially registered im-
ports and exports.

The World Bank in mid-1965
began freezing credits of $230m
for nine development projects,
saying foe money would be
made available only if exchange
rates were brought more into
line with the guarani's real
worth.

UN stops
repatriation
of Chilean
refugees

THE UN High Commission
for refugees has stopped
helping ChitauM return home
from abroad because of a
security dampdown there,
Reuter reports from Geneva.

The Santiago Government
imposed a state of siege and
arrested -political opponents
following an assassination
attempt on President Augusta
Pinochet earlier this month.

The UN commission has
helped several hu ndred
Chilean refogeea to return
home in foe past two years,
but there was now a danger
of arrivals being turned back
at the frontier. No more re-
fugees will be helped to re-
turn until foe situation eases.

He said there were still
“tens of thousands" of Chil-
ean refugees throughout the
world. Host fled after a mili-
tary coup in 1973 that over-
threw a leftist government
headed by Salvador Allende.

Alfonsin faces
union protest

Aricentina's General Confed-
eration of Labour (CGT) is
to hold an 11-hour general
strike on October 9 in pro-
test at government economic
policies that “favour foreign
usury over the people’s
needs."

It will be the labour um-
brella group’s seventh general
strike during President Rani
Alfomstn’s 34-month old gov-
ernment.

The CGT wants a mora-
torium on payments of
Argentina’s $50fan (£34bn)
foreign debts and says Alton-
sin’s economic policies have
led to lower wages and higher
unemployment.

Dominicans act
on corruption

The Donritttean Republic
yesterday barred former
president Salvador Jorge
Blanco, accused of esrnpthm
In the press, from leaving the
country, but the ban was later
lifted. Renter reports from
Santo Domingo.

An exit ban . on Jorge
Blanco's former defence
minister General Manuel
Cuervo Gomes remained in
force. ■ *

S upport ers of Mr Jorge
Blanco, repiaeed in May elec-
tions -this year - by Mir
Joaquin Balagner of the Social .
Christian Reformist Party,
say Mr Balaguer’s party is
ebhiud the allegations.

University sells
S Africa stocks

Georgetown University Is to
sell its $28 Am holdings in
companies doing business
with South Africa, Renter
reports from Washington.

Mr George Houston, vice-
president for financial affairs,
said the Jesuit university
would sell holdings far 45
corporations farriudiug IBM,
Mobil and General Motors
unless they polled out of
South Africa.

The Voyager . . . just enough space for two

Hand-built aircraft tackles
last great aviation first

OVER the next few weeks, per-
haps as early as this weekend,
a rather bizarre looking hand-
built aircraft will struggle into
foe sky from Edwards Air Force
base in California’s Mojave
desert It will slowly circle for
up to half an hoar so as to get
up height to clear foe maun -
tains and then head out over the
Pacific at 80 miles per hour.

If all goes well, the aircraft
known as the Voyager, should
return in lessfoan a fortnight
after a non-stop flight around
foe wrarid without refuelling,
having broken foe 12,532 mile
record held for foe last 24 years
by a Giant B-52 bomber.

The challenge has been
tagged the last great “first" in
aviation history and the US
press is likening foe $2m
Voyager to Charles Lindbergh’s
Spirit of St Louis, foe first to
fly across the Atlantic.

The Smithsonian museum in
Washington has already re-
served a place for the Voyager,
and Dick Rutan, a former Viet-
nam fighter ace and chief pilot;
is cast in foe mould of (me of
Tom Wolfe’s hero’s in his book
"The Right Stuff," on test
pilots and astronauts.

When asked why be is risk-
ing bin life ewfl that of his
co-pilot Ms Jeana Yeager— no
relation to Chuck Yeager, the
model ' foC’ foe- Wolfe book —
fedUtte'sQs foe trip is'. foe
.“ujtircmto goal, the last Mg
plum "to be pteked.”

The two will spend their time
squeezed together in a space
not much larger than a refrige-
rator and doctors have said foe
earsplitting engine noise could
permanently impair their hear-
ing. They have abandoned
insulation to save weight
In true story book fashion,
the first designs for the Voyager
were sketched out five years
ago on foe bade of a napkin
in a local inn by Mr Rutan's
brother Bart who is as crazy
about designing aircraft as his
brother is about flying them.
Some 22,000 man-hours later
they have produced what has
been nicknamed a “flying gas
tank."

The Voyager’s fuselage is
25 ft long and its wingspan
of HOB ft is longer than the

wings of a Boeing 727 com-
mercial jet It weighs 1338 lbs
and will carry close to 9,000 lbs
of fuel, or 1,489 gallons.

It has two engines at the back
and front and after take-off the
rear engine will provide the
power. To save weight foe
equipment in foe 73 ft by 13 ft
cabin has been kept to a bare
minim um and' the crew is
limited to 22 lbs of food and
80 lbs of water.

The US media has made much
of the fact that the Voyager
will fly round the world on
" one tank of gas," but fuel
is actually split up among 17
separate fuel tanks. The two
pilots will spend much of their
time juggling foe fuel between
tanks to keep foe aircraft per-
fectly balanced. It will cruise
at 15,000 ft to avoid turbulence,
which on earlier test flights has
caused violent airsickness, and
will fly most of the way an

W Siliftiti Hall in

New York reports
on an intrepid plan
to circumnavigate
the globe

The Voyager has already
flown 11300 miles In '111 hours,
non-stop up and down the CaB-
fn raian coast; and foe pilots
are now in their final stages
of preparation for their odyney,
almost all of which will be spent
over water.

The exact timing win depend
very much on avoiding rough
weather, while taking advan-
tage of the prevailing easterly
tan winds in foe southern hemi-
sphere.

A successful round foe world
flight by the Voyager would
help boost America’s need for
fresh heroes after last year’s
space shuttle trauma. And
although foe commercial appli-
cation of an aircraft like foe
Voyager is limited. It is proving
to be a surprisingly useful test
bed for new materials and
equipment

Mori: engineers argue that the
flight would not have been poss-
ible without recent technological
breakthroughs. The Voyager is
made of a composite graphite
called magnamite. Carbon
fibres are impregnated with
epoxy resin and made into
magnamite sheets. A honey-
comb paper core is sandwiched
between foe magnamite sheets
and bonded under heat This
produces a meterial seven times
stronger than aluminium— the
normal material for aircraft—
and lighter.

The only metal on Voyager
is foe nuts and bolts and the
engines, which are made by
Teledyne Continental Motors in
Mbblle, Alabama. The rear
engine is an experimental four
cylinder version of an engine
being designed for a secret
military project to produce a
long endurance drone for mili-
tary reconnaissance.

The engine, known as the
10L-200, is designed to estab-
lish an all-time low fuel con-
sumption and at the same time
accomplish an unprecedented
reliability standard, says Its
manufacturer.

The Voyager is also testing a
new type of synthetic oil pro-
duced by Mobil. The oQ is
important since most aircraft
need oil changes after every 25
to 50 hours of flying time. The
Voyager plans to be in foe air
for more than 300 hours.

Mobil says, its oil is far more
pure than normal engine oils
and does not contain the com-
pounds which cause engine
sludge and produce wear and
tear on the moving parts. It will
also operate at temperatures as
low as — 60F and will allow the
Voyager’s standby engine to be
restarted daring flight

While the sponsors were slow
to appreciate the scale of foe
Voyager’s mission they have
been making up for lost time as
foe round the world flight
approaches.

Mobil, for instance, notes that
its new oil continues a tradition
of participating in aviation
firsts. The Wrijfot Brothers used
Mobil oil in their 1903 Kitty
Hank flight as did Charles
Ldndberg in the 1927 flight of
the Spirit of St Louis.

Lawson snub angers
Commonwealth

finance ministers

IT OUR FOREIGN STAFF

MANY DELEGATES to a two-
day meeting of Commonwealth
finance ministers which began
in Castries, St Lada, yesterday
expressed concern and irrita-
tion at the failure of Mr Nigel
Lawson, the British Chancellor
’ to attend foe meeting.

The conference is ta kin g
place as a run-up to next week’s
annual meeting of foe World
Bank and International Mone-
tary Fund in Washington.

This is the second consecutive
year Mr Lawson has not
attended foe meeting of bis
Commonwealth colleagues, re-
presenting 49 countries, most
of them developing nations.

Delegates were only partly
assuaged by foe appearance of
his stand-in, Mr Iain Stewart,
the Treasury Econlmlc Secre-
tary, and 5Ir Geoffrey Littler,
second permanent secretary of
the Treasury. Mr Lawson is to
meet the Grow of Five indus-
trial nations in Washington
later this week and will address
the IMF-World Bank meeting
on September 30.

This diplomatic faux pas has
only added to foe mood of pes-
simism troubling many of foe
ministers.

Some representatives cited
concern about the need to spur
world economic growth, the
problems of Indebted develop-
ing countries and uncertainty
about foe short-terra trend In
the dollar. The meeting la in-
tended to establish a Common-
wealth stance over world
monetary affairs.

Items being discussed during
the talks include a need for
more co-ordination of economic
policies «fflnng major iwrfmtf riai
nations, problems of indebted
oil-producing countries caused
by a drop in oU prices, and the
threat of trade protectionism.

The talks are taking place
against foe backdrop of con-
tinued HiggaHcfnftlnn amo ng

many Commonwealth countries
over what they consider In-
sufficient economic measures
against South Africa.

Commonwealth minister are
also determined to support
actively a plan for greater sur-
weUlance by the IMF of the
economies of major Industrial
countries, given foe slowdown
in the US economy and foe im-
plications of this for the
developed and developing
world.

Committee approves bill cm
home loans safeguards

THE HOUSE of Representatives
Banking Committee yesterday
passed an all-embracing banking
bill to refinance the Federal
Savings and Loan Insurance
Corporation and give federal
regulators more power to take
over tolling financial Institu-
tions, Renter reports from
Washington.

The bill, adopted 47-1, now
goes to foe full House. Sup-
porters hope it can get final
Congressional approval before
adjournment, expected at foe
end of next week.

The bin would xeaulre the
Federal Home Loan Banks to
establish a financing corpora-

tion which would have to in-
vest in FSLIC.

Sponsors of the bin hope it
can raise $15bn to SSObn for
FSLIC over the next five years
to help protect depositors in
toiled savings and loan associa-
tions.

The bfil also gives federal
agencies more power to arrange
out-of -state takeovers for toil-
ing finenrial institutions.

Before passing the bin, foe
committee deleted a provision
which would prohibit sub-
sidiaries and affiliates of a bank
holding company from conduct-
ing insurance activities.

Will. THERE STIU. BE
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IN THE PHILIPPINES,
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OVERSEAS NEWS

ANDREW WHITLEY REPORTS ON THE TROOP BUILD-UP ON THE LEBANON BORDER

Israelis react to fear of Hizbollah attacks

ISRAEL'S RUSH to Shore up its
northern defences on both sides
of the Lebanese border Is moti-
vated primarily by the fear that
if it does not act fast, its ally,
the South Lebanon Army, -will
collapse.

Last week, the radical Shi’ite
Hizbollah movement success-
fully overran four SLA posi-
tions in the central sector of
the Israeli-declared security
zone, capturing prisoners and
heavy weapons. The blow to
the ItSOOtftrong mainly Chris-
tian militia’s morale was crush-
ing.

Working with Hizbollah,
which wants both to expel
Israel from Lebanon and to
force the withdrawal of U nifil,
the United Nations peacekeep-
ing force, were .breakaway
former members of Amal, the
traditional Shi’ite ™niH» in the
south.

Ur Akef Haidar, AmaTg vice
president, said in an Interview
with the Lebanese magazine
Monday Morning this week, that
Amal remains in favour of
Unifirs continued presence, con-
ditional on the fulfilment of
the 1978 UN resolution wiifag
for Israel’s complete withdrawal
from Lebanon.

Israeli officials have inter-
preted this as meaning that
AznaTs role over the past year
in helping block attacks on
Israel and the security zone
may be coming to an end.

The gr ow t h of the Hizbollah
movement has been aided by
Iranian finance, military train-
ing, and a few Iranian Revo-
lutionary Guard volunteers to
provide battle , experience, the

taett warplanes attacked sw-
peeted Palestinian guerrilla
bases In bills east of Beirut '
yesterday, setting their tar-
gets ablaze, police told AP In
the Lebanese capital. They
said eight Jet aircraft staged
four bombing tons in the
hills of Bayssenr, Keyfoim
and Ettat, about 12 mOcs
east of Beirut, There were
no i m mediate reports of
casualties. Meanwhile, duty
officers of the UN peace-
heeptng force in south

Israelis believe.

The movement is estimated
to possess about 4,000 fighters,
about 2,500 of whom are con-
centrated in the Beka'a Valley
of eastern Lebanon, while about
500 are thought to be operating
in the sooth.

The possibility of Amal Join-
ing forces -with Hizbollah,
distinctly different in their idea-
ologies and raison d’etre, is a
development Israeli analysts
have long been concerned about.

It would mark the beginning
of a new phase in the frequently
shifting struggle lor control of
the Lebanese border lands. As
commentators here have
stressed over the past few days,
the frequently heavy-handed
Israeli Defence Forces might
have to act with more circum-
spection than usual if they are
not to find themselves once
again sucked into the Lebanese
qua gmir e.

By moving additional troops
to the border and reinforcing
existing SLA/IsraeU positions
inside the security zone, Israel

BY GORDON CRAMB M TOKYO

MR GUSTAVO PETRiaOLL
the Mexican Finance Minister,
is due today to meet Mr Kiichi
Mizawaya, his Japanese counter-
part, during a visit to Tokyo
aimed at recruiting state and
commercial bank support for
proposals to ease Mexico’s debt
burden.

The sir-day visit by Mr Petri-
eioli, who wfil also call on Mr
Yasuhlro Nakasone, the Prime
Minister, is described as unoffi-
cial. But its timing coincides
with talks in New York on Mexi-
can borrowings, ahead of the
Joint World Bank-International
Monetary Fund meeting which
is scheduled to begin next Tues-
day. ' 1 -

The Export-Import Bank of
Japan, the country’s trade fin-
ancing agency,_-is expected tqday .
to provide the most substantial '
result so far of Mr Petriclolfs
stay, which ends tomorrow.

Exixnbank said formal

approval would be given for
$lbn (£686m) in loans for three
large-seal eindustrial projects in
Mexico.

Primarily, these cover the so-
called Pacific petroleum project.

Alleged Nakasone remark
adds to ethnic controversy

BY GORDON CRAMB

NATIONAL INSULTS have
been a source of some discom-
fort this month to Mr Yasuhiro
Nakasone, the Japanese Prime
Minister. But within hours of
his return from a South Korean
trip, having repaired bridges
damaged by his now sacked
Education Minister, he may hint-
self have blown potholes in rela-
tions with at least three
countries.

Black and Latin American
ethnic minorities in the US are
responsible for a low level of
knowledge among the American
people as a whole, according to
remarks attributed yesterday to
Mr Nakasone.

At least two Japanese
language newspapers reported
him as saying: “ Since there are
black people, Puerto Ricans and
Mexicans in the US (its level
of knowledge) on average is
far lower” than the high level
in Japan. The comment
apparently came during a study
meeting at a rank-and-file
gathering of his Liberal Demo-
cratic Party at Kannami, west of
Tokyo, on Monday.

The accuracy of the news-
paper accounts could not be
confirmed yesterday, the autumn
equinox public holiday, although
the Prime Minister's office sug-
gested that he had been mis-
interpreted. Mr Nakasone’s
alleged observation would ob-
viously not have been for ex-'
ternal consumption bat it is
nonetheless curious, not least
for its timing.

He returned on Sunday after
a two-day visit to Seoul. South
Korea, where he conveyed his
regret to President Chun Doo
Hwan over “improper” re-
marks made in a magazine
article by Mr Masayuki Fujio,
whom he had already removed
from his cabinet Mr Fujio bad
claimed that the Koreans were
“ also responsible ” for the
Japanese annexation of Korea
in 1910.

Although other items, includ-
ing attending the Aslan Games,
were on Mr Nakasone’s Seoul
agenda, President Chon made
clear that Mr Folio had offended
Korean national pride.

Iraq claims to have beaten
back new Iranian attack

BY OUR MIDDLE EAST STAFF

AN IRAQI war communique
yesterday indicated ' that Iran-
ian forces had started to build
up pressure on the front to
mark the sixth anniversary of
the Gulf conflict and possibly
the start of a major ground
offensive.

A military spokesman - in
Baghdad said that two Iranian
infantry and marine attacks in
the marsh lands around the
Majnoun oil fields had been
beaten off by ** merciless fire **
on the night of September 21-22.

The Iraqi comments indicated
that there had been, fire on the
southern sector north-west of
Basrah facing the road from
Baghdad. There was no com-
ment from Tehran on whatever
operation was underway.

The Iraqi communique said
that the Iranians had made a
second “ desperate attempt ”
against the same positions in
the oil-rich area but that their
boats and their occupants had
been turned into “ smoulder-

Lebanon arid the Israelis
made na move across . toe
border yesterday. “Their
tanks still are at the border
and their artillery remained
sUenC,” one Arty officer at
the Irish UN contingent raid.
Israeli leaders have said
reinforcements were ready to
move in to help the Israeli-
allied Sooth Lebanon Army
militia « ph»Q an n pmry *f
guerrilla attacks by Iranian-
hacked Shiite Moslem

has signalled its determination
to maintain the status quo.
Politicians and senior officers
were saying yesterday there is
no intention to reoccupy a
wider area of southern
-Lebanon just to provide a show
of force.

Deep divisions remain over
the value- of Unifil at the top
of the Israeli leadership. But
the prevailing view is that the
uncertain loyalists and alleged
inefficiency of the United
Nations soldiers in preventing
terrorist attacks is better than
handing the region over to
Hizbollah.

At the same time, Israel con-
tinues to resist Unifil's demands
that it be permitted to deploy
all the way down to tee inter-
national frontier, thus fulfilling
its original mandate.

The reason behind this is teat
the narrow belt of land running
along the northern side of tee
frontier line has become a “free
fire” zone for tee SLA and the
Israelis, in which to trap any
hostile Intruder. Unifil’s

presence would simply hi n der
Israel's military freedom of
action.

In addition, tee danger of
direct clashes between tee
Israeli Defence Forces and
United Nations soldiers — with
all the grave political implica-
tions involved — would be far
greater than at present.

Non Boustany in Beirut adds:
A reappraisal of the mission of
the United Nations Interim
Force in Lebanon (Unifil),
dispatched to Lebanon in 1978-
to oversee an Israeli withdrawn!
and to help restore state autho-
rity, is now under way.

An officer of the F i nni s h
battalion of tee nine-nation
force said at Bourj Qalawaith.
that Unifil’s continuation in
South Lebanon was “possible,
but not easy.”

Residents from nearby
Qaaqaiyet al Jisr and Froun

said the overnight rocketing of
hills in a nearby village from
the border strip had alarmed
th *»m r

“ Only three rockets fell, bat
we couldn’t sleep all night,"
said Hussein Haidar,

who runs the south co-operative
grocery in Quaaqaiyet al Jisr.
“ If tee Israelis come, we don’t
know where to go with our
women and children.”

He added that the Amal move-
ment was on alert and guarding
the village 24 hours a day to
prevent guerrilla infiltration and
protect civilians. Lt, CoL Lauri
Vaataenen, from Finland, said
Amal was doing its job and his
battallion was doing its own
work to serve Unifil. The officer
said the overnight shelling was
not unusual but noted, “every
second I am worried, we are
doing our work and it is not
good to have casualties.”

Copyright
boost for
US chip
industry

By Louisa Kehoe
in San Fran c isc o
THE US semiconductor industry
has won a significant victory in ita
effort to protect its chip designs
from alleged Japanese copyright in-
fringement with a federal judge's
ruling te*t the “microcode* pro- j

gram m microprocessors is covered j
by US copyright law.

The landmark ruling on Monday ,
followed a copyright infringement ,
suit filed 18 months ago by Intel
Corp orat ion, a Silicon Valley chip
maker, against NEC Corpo r a ti on of
Japan.

Intel has said NFC copied critical
elements of the microcode that con-
trols Intel's 8088 microprocessor -
the chip Used in ^RM tmH grrmliir
personal computers - for use in its
competing V20 and V30 micropro-
cessors. Intel is seeking unspecified
damages and an iujunrtion to pre-
vent NEC from selling the V20 and
V3G chips in the US.

NEC denies the charges and says
it independently created its own
microcode that emulates the func-
tions of InteTs chips.

The court has yet to rule an
whether NEC has infringed InteTs
c opyr ight A final ruling may be
several months away.

Intel said it had already achieved
its primary goal in filing fids suit
with the extension of copyright pro-
tection to cover microcodes.

Gunmen penetrate
to main runway
at Islamabad

BY MOHAMMED AFTAB IN ISLAMABAD

ONLY DAYS after tee hijacking
of the Pan American jumbo at
Karachi, four gunmen have
attacked and injured an airport
security guard at tee runway
of tee Islamabad International
Airport.

The guard was watching the
outer edge of the airport runway
in the early hours of Monday
when he was injured by firing
*rom automatic weapons, airport
security officials said.

The incident took place
shortly before a Saudi Arabian
Airlines aircraft was to land.
This was to be followed by a
British Airways flight from Lon-
don.

The four unidentified gunmen
entered the perimeter of the air-
port fence. When they were
spotted by the guard, he chal-
lenged them, and made the gun-
men withdraw.

However, the gunmen hid
themselves in bushes instead of
leaving the airport area. When
they were warned that the guard
would open fire, the gunmen
shot first, Injuring the security

min.

The shooting attracted the
attention of other airport
security *dBrfai B who rushed to
the spot The gunmen escaped
and no-one has been arrested

so far, although tee police have
registered a case for attempted
murder against the unidentified
gunmen.

The incident follows the Sep-
tember 5 hijacking of tee Pan
American Boeing 747 at
Karachi, which was on a flight
from Bombay to New Tote, via
Frankfort and London. Four
Arabic speaking hijackers com-
mandeered tee Jumbo with
nearly 400 persons and crew
on board.

The ordeal of tee passengers
ended after 16 hours when the
hijackers began indisc riminate
firing and tossed bandgrenades
among the passengers, kilting
21 and injuring more than 100.

In spite of intensive interro-
gation, police have been unable
to establish the identity of four
hijackers who were arrested
and a fifth man who was later
arrested at Islamabad for
allegedly helping the hijackers.
Each one of them was carrying
four passports — all forged.

The Saudi Arabian Airlines
ticket office at Karachi was
attacked by unknown persons
several months ago while the
Pan American ticket office was
hit by attackers earlier. The
cases were not resolved and
no details were made public.

Mexican Minister in
Tokyo debt talks

involving an oil pipeline and an
expansion of capacity at the
country’s Sicartsa refinery com-
plex. A steel plant and the
development of export-oriented
industrial ports are also in-
cluded.

The Japanese decision to com-
mit th efunds over two years
follows a equest by Mr Jesus
Silva Heraoq, Mr Petridoli’s
predecessor, during a . Tokyo
visit in April.

The Nakasone Government is
anxious to smooth the path for
the heightened role it is set
to assume at the World Bank,
-including increases in develop-
ment assistance at official level.
- Japanese -commercial h»nfcgj
led by Bank of Tokyo have
meanwhile been, seeking clarity
tfom the ^Mexican side on its
request' f6r $8bn in new' lend--
Jng firom private sector creditor
institutions in the developed

world. .

They- are believed to be
unwilling, however, to contem-
plate a wholesale rescheduling
of Mexico’s existing $52£bn
external bank debts, a course
which had been suggested in
New York.

ing ruins.”

Observers speculated that the
Iranians, with a masisve build
up in reserves, could have
mounted yet another testing
probe against the Iraqi de-
fences.

The Iraqi front has beat,
under pressure for nearly two
weeks along a 60 -mile front of
the northern sector north of
Mehran.

Early yesterday morning a
UK-registered merchant vessel,
the 122L272 deadweight ton
Pawnee, was struck by rockets
from an Iranian helicopter,
near tee island of Abu Musi;
according to Lloyds shipping
intelligence unit No casualties
were reported on the vessel
which was on route to DubaL

Iran Is reported by oil in-
dustry executives to have been
badly hit by recent raids on
Kharg Island, its main export
terminal, where all of the 10
berths on the T-jetiy are out of
action

FROM OCTOBER 20th

rA r\J7\

_ ^ A^vV> :.
i : £% } ;< v> • •' ’ ‘

-JB&A

K i'&q

'v*. .5j

m

rm

-

From 22p down to 18p -you’ll be able tosend
more EEC mail for the same money!

From October 20th the basic letter postage to EEC
countries will be reduced

It's coining down from 22p to only Ufo - on all letters
and caids weighing up to 20g.

This big reduction - no less than 18% off the cost of
postage -will be particularly valuable for businesses
sending large amounts of post or direct mail to the EEC.

And don’t forget - European prises are also reduced for
Aiistieam, our new overseas letter servioeftxbusmesses.

Now you’ll be able to B - - 0B

increase the volume with- %f=%\ Iknf * lie

outincmasingiheaist! RWyWII I V llteJil

USE

MtetteraaDdcaidsup to 20 gnstothBE^iulfliDoflidaiKiwillbe charged at 18p postage fiem October 20th.

I

Financial Times Wednesday September 24 1986

WORLD TRADE NEWS

Renault calls for House puts

i _ 12 more on

tougher curbs on us loan

Kevin Brown assesses the latest revival in the tanker market

Shipowners fear another false dawn

Japanese cars

ban list

Bjr Nancy Dunm h WnMngten

BY PAUL BETTS AND JOHN GRIFFITHS IN PAWS

RENAULT, the French state
owned car group, called yester-
day for firmer action to restrict
Japanese car Imports in Europe.
It also confirmed that it had
been approached by Nissan over
possible use tv the Japanese
car maker of idle production
capacity at American Motors
(ABIC) Brampton plant in
Ontario, Canada.

But Mr Jose Dedeurwa eider,
Renault's commercial' director
and a senior adviser to Mr
Georges Besse, the chairman of
tile French car group, said
Renault was not engaged in
talks over collaboration between
AMC, in which it owns a 46 per
cent stake, and a major
Japanese car producer.

Renault has been seeking
partners for AMC as part of its
overall cost cutting and re-
structuring strategy. Renault
officials however confirmed
yesterday that the talks with
Nissan involving the possible
use of Brampton production
capacity has been halted. They
also added that talks between
AMC and Daihatsu of Japan
over joint collaboration to pro-
duce a four wheel drive model
for export markets had also
been suspended.

Renault has nonetheless
reached an agreement with
Chrysler which will be using
AMC production capacity at the
US car group’s Kenosha plant
in Wisconsin to assemble
Chrysler’s upmarket models —
including the top of the line
Fifth Avenue saloon — from next
February.

Although Mr Dedeurwaerder
confirmed that Renault’s
financial and industrial outlook
was improving, he said the
company remained vulnerable.
Renault confirmed that it
expects to cut its consolidated
group losses this year to
between FFr 4bn-FFr 5bn from
FFr 10.9bn (£918,966) last year
and a record deficit of
FFr 12.55bn In 1984.

Renault’s call for firmer
action against the Japanese in
Europe reflects concern over
the French Government's com-
mitment to liberal open market
policies. Japanese car imports
are restricted in France to 3
per cent of total domestic
annual car sales. At the same
time, the government is
keen to encourage job creating
foreign Investments.

Mr Dedeurwaerder indicated

Five Japanese companies yes-
terday started a court fight
n pinrf anti-dumping duties
on roller bearings imposed by
the European Community,
Reuter reports from Luxem-
bourg. The Community
imposed duties of between
4.03 and 38.89 per cent on the
five companies in 1984, claim-
ing they were selling bearings
in the Community at
artificially lew prices. The
companies Involved were
Nippon Seiko KK, Nachi Fuji-
koshl Koyo Seiko and NTN
Toyo Bearing. Minebea faced
duties on bearings exported
from Japan and Singapore. No
date has been set for the next
stage of the ease.

that Renault would respect the
EEC’s definitions of a Euro-
pean produced car and not seek
to exclude UK assembled
Nissans.

However, be said Renault
strongly supported a call by
FOrd this month for much
tougher criteria to be applied
in rfgfiniwp whether a car was
“European.” Mr Derek Barron,
chairman of Ford UK, said a
new mtwimnm content of 80 per
cent measured by ex-factory
cost should be applied.

A car can be sold throughout
the EEC if it is assembled
inside the Community with at
least 60 per cent “local” con-
tent but measured by ex-factory
price. This allows an assembler
to include aH overheads and
even its profit margin in the
percentage.

Claiming that RenaHt was In
“ better shape,” Mr Dedeur-
waerder said the state group
-was committed to a strategy
emphasising profitability rather
thaw volumes. He added that
Renault was continuing to back
in full AMCTs industrial pro-
gramme which will give the US
car group a renewed range
next year. This would indude
m odels manufactured by
Renault in France and a new
intermediate size saloon car for i
the North American market
built at its new 8675m £459 2m
plant at Braml ea In Ontario due
to come into production In the
autumn of next year.

Mr Dedeurwaerder also said
Renault expects its European
car sales to rise from 620,000
cars' InT.984 to 720,000 this year.

THE US HOUSE of Represen-
tatives has granted the US
Export-Import bank a new six
year lease on life and, at the
same time, slapped new loan
prohibitions against Angola,
Afghanistan and ten other
" Marxist-Leninist ” countries.

Congress had previously for-
bidden Eximbank to provide
trade financing to 18 “Com-
munist” countries unless the
President signed a waiver cer-
tifying that It was in the
national interest . to lend to
them. The new reauthorising -
legislation redefines those coun-
tries prohibited from loans as
“ Marxist-Leninist " and adds 12
new countries to the list

In addition to Afghanistan
and Angola, the list now
includes, Benin, Congo,
Ethiopa, Guyana, Kampuchea,
Laos, Mozambique, Nicaragua,
South Yemen Surinam- Of
these, eight are now receiving
«»rim loans, which they must
lose unless the president pro-
vides a waiver.

The new legislation contains
the $300m (£215m) “warchest”
the president requested to
combat the use of mixed
credits, or financing which
mixes commercial credit with
foreign aid. Eximbank has
already offered IS mixed credit
deals, three of which have been
accepted, in anticipation of
receiving the money.

It also provides 3145 m to pay
the real cost of the bank’s direct
lending programme. It allows
Bhrimbanic to subsidise commer-
cial bank landing in support of
trade, but only after it has first
made 8700m in direct loans.

As a budget reduction
measure. Congress is expected
to give approval for the sale
Of VSrimbank loans.

The legislation would prohi-
bit financing for production of
foreign commodities that could
be expected to compete with and
damage US producers.

THERE WILL be some anxious
moments in the boardrooms of
the wond’s leading shipping
companies in fee next few
weeks as the industry ponders
the prospects of an end to the
prolonged recession In the
tanker market

The signals up to a couple
of weds ago were that the
market was entering its
strongest period since fee re-
cession began with the
quadrupling of oil prices in the
early 1970s.

The Question now, however.
Is how much of the apparent
recovery was based on an
artificially low oQ price, and
what the effect will be of the
latest attempts by the Organi-
sation of Petroleum Exporting
Countries (Opec) to cut
production.

Tanker owners have seen the
beginnings of recovery before,
only to have freight rates and
ship values «init again after a
temporary improvement There
are already warnings that the
current upturn will turn out to
be another false dawn— but also
a number of reasons for believ-
ing that this Hnw it may be
soundly based.

The current recovery was
triggered by the abandonment
of controb on oil production by
Opec -in December last year.
The collapse in fee Oil price
which followed led to a big
Increase in demand for tanker
tonnage to transport cheep oil,
particularly on the longJhaul
routes from the Middle East to
Europe end fee US.

Paradoxically, epee’s decision
in July to cut production by
around 4m barrels a day from

TANKER SCRAPPAGE

OIL Pr?iCF=

September 1 gave a further;
boost to the tanker market as
oil companies -and traders com-
peted to move as much oil from
appreciation, leading to the re-
cut took effect.

The market Is now in a state
of suspended animation as
charterers wait to see what the
effect of production cuts will
be. The general view is feat
tanker loadings are likely to
fall in the next two months,
but that production ceilings are
unlikely to work in the longer
term because of the world
oversupply of oil.

The latest indications are
feat rates are holding up well
for tankers loading in the
Middle East, though interest
in very large tankers is waning.

Fearnleys, fee Oslo ship-
broker, commented: u There
could very well be a lull in
chartering activity from fee

Middle East during the
autumn. However, there is
little reason to believe in any
reversal of fee Increased flow
Of oil from the Middle East”
Whatever happens, the major
difference between previous
improvements and this upturn

is feat fee present r ecovery in
rates has been underpinned by
a major structural change In
fee rise of fee world fleet,
resulting from the demolition
of excess capacity.

This process has been going
on for many years, but It began
to accelerate in fee eftriy 1980s
as shipowners scrapped ageing
tonnage in fee face of dismal
market prospects.

The scrapping programme
reached a peak in 1965 when a
record 28m tonnes deadweight
of capacity was sold fttr demon*
tioa. Aa a consequence, there
has been a gradual move

towards a balance of supply and
demand, reflected in fee fall in
surplus capacity from 134m dwt
in 1988 to less than 90m dwt
in December, 1985.

This trend has been all but
haltedi however, as owners wait
to see which way fee market
will go. Only one tanker was
reported as being sold for
demolition in fee whole of last
month.

In addition fee value of
tankers on fee second hand
market has Shown a major
appdeciation, leading to fee re-
purchase of a number of ships
after they had been sold for
demolition,

The most dramatic indicator
of fee change of sentiment in
fee market however, is the
stre ngth of orders for new ships,
of which the 3100 m (£67m)
order for four 145,000 tonnes
deadweight tankers by Gotaas-
Larsen of Bermuda is only the
most spectacular.

That Order was followed by a
870m co n t ra ct placed " by
Adamaftthos Shipping Agency
of New York for four oil pro-
ducts tankers. South Korean
shipyards alone are reported to
have won tanker business worth
around 8450m in fee past few
months. Brices are said to be
around half the level of four
yeArs ago.

The number of tankers laid
up has also fallen, with fee total
tonnage now below 20m tonnes
deadweight for the first time
for years, according to E. A.
Gibson, the L ond o n ship-
brokers.

A further reason for long-
term optimism is the move out

of tanker ownership by the
major oil companies, whose
share of fee world fleet is e sti-
mate d by Mr Simon Ber gstrand,
shipping analysts of the Central
London Polytechnic Transport
Staudies Group, to have fallen
from 40 per cent to 25 per cent
in the last 10 years.

The effect of this is to increase
opportunities for charterers,
and strengthen freight rates, as
soon as demand rises above fee
reduced capacity feat can be
handled by the oil companies'
own fleets.

There are plenty of voices
warning; however, feat it is
still too early to celebrate fee
end of fee tanker market
recession.

Intertanko, fee international
tanker owners’ association, says
continued scrapping Is “the
only way to achieve any sus-
tainable improvements in the
tanker market, provided iff
course feat speculative new
ordering is avoided.”

This is a theme echoed by
other voices in fee industry
worried feat easily available
commercial loans wifi trigger an
ordering boom which will undo
ail the painful good work of the
last 32 years.

The current situation is prob-
ably best summed op by P. F.
Bassoe, the Norwegian ship-
broker and offshore specialist,
which likens the oil markets to
a gigantic, and overfly political,
game of chess.

"The only certainty is total
uncertainty. That applies not
only to a worsening situation,
but also to fee possibility of
improvement.”

Daya Bay plant loans top $2bn

BY CHRISTIAN TYLER. TRADE HOTOR

Rolls wins

engine orders

QANTAS AIRWAYS, fee
Australian international airline
and Cathay Pacific Airways of
Hong Kong have ordered
Boeing 747’s pOweted by RoUS-
Royce BB211-524 engines.

The deals are worth over
£60m (386J2m) to RollaRoyce
for engines and spares.

THE CONTRACTS signed In
Peking yesterday for the
Guangdong nuclear power sta-
tion are supported by some
32 fibn worth of loans to the
Bank of China whose repayment
is guaranteed by the French
and British Governments.

France is backing a loan of
around FFr llbn (3L7bn)
raised by a consortium led by
the Banque Nationals de Paris,
and fee UK a credit of £421m
(8610m) through a group
headed by the Midland sunk.

Chinese officials Said fee
terms of fee financing were the
same In both cases. It is known
that tiie UK credit is over IS
years, wife a grace period of
seven years, and at an Interest
rate iff 7.4 per cent

.The twins- conform to fee

rules of fee Organisation for
Economic Co-operation and
Development (OECD) for long-
term project finance for poorer
countries.

But fee Interest rate la less
than would have been required
under a recent OECD agreement
for funding of nuclear power
contracts. A British Govern-
ment official in London explained
Hut fee Daya Bay contract had
been exempted, with fee agree-
ment of other countries, be-
cause negotiations began before
fee new rules were introduced.

The value iff fee contract for
GEC Of the UK, which is sup-
plying two 98SMW turbine
generator sets, is put at
£250m, but another £L70m
worth of equipment may be sup-
plied by British subcontractors.

Finn orders for this equipment
have yet to be placed.

On the British side, fee Mid-
land Bank waived its customary
fee in order to secure the job
of “convener and paying
agent” for a group of six
managing banks.

The other British managing:
banks are Barclays, Lloyds Mer-
chant Bank, National West-
minster, Schroder Wagg and
Morgan GrenfelL Participating
banks are fee Bank of Scotland, 1
Kleinwort Benson, Standard
Chartered Merchant Bank and !
fee Royal Bank of Scotland.

The French syndicate com-
prises Credit Lyonnais, Socdete
General e, Banque Paribas,
Banque de lUnkm Euzupeenue
and Banque Francaise du Com-
merce Exterieuce, .

Spam appeals for help
on EEC steel imports

BY QUB4TIN PEEL IN BRUSSELS

THE Spanish Government has
appealed to the European Com-
mission in Brussels for extra
protection from a surge in steel
exports from other EEC
member states.

Import quotas are already in
effect f or three major products
—hot rolled coils, cold rolled
sheets, and heavy plates— since
last March.

Spain has now applied for
similar safeguard measures —
provided for under fee terms
of Spanish membership of the
Community — to be applied to
galvanised sheet and wire rod
products.

Imports of galvanised sheet
has increased from, 9 .monthly

average of 580 tonnes in 1985
to 8,137 tonnes in fee first six

months of 1986, taking more
than 14 per cent of the Spanish
market.

Imports of wire rod have
increased from a monthly 3,959
tonnes last year to 9,057 this
year, raising fee market share
of the EEC countries in Spain

from 8Jt to 15 per cent
The Spanish request is 1

The Spanish request is being
assessed by Commission officials,
before Mr Karl-Heinz Narjes.
fee Commissioner for Industry
makes a formal recommen-
dation.

The safeguard measures, if
approved, would last until fee
end of the year.

(/ TOKYO
f NON-STOP

Japan Air Lines is the only airline
to bring Tokyo even closer to London*
In fact by operating non-stop
flights from London to Tokyo, we
offer the fastest route to Japan from
the UK.

n iW

Undercover Elf makes plants grow larger,
faster and for less money than ever before.

Elf Aquitaine technology is now used to.
protect a wide variety of vegetable and fruit crops foom
extremes of heat and cold at die same rime as it helps
to retain moisture near the plant’s root system.

Helping the worlds fanners to grow more
crops for less cash.

One more example of the way Elf Aquitaine
is growing out horn its original petrochemical base.

The flights leave Heathrow at
1920 every Tuesday, arriving in Tokyo,
on Wednesday at 1455 saving almost
6 hours on normal flight times.

On all other days we offer one-
stop flights from Heathrow to Tokyo
via Anchorage, including two on
Saturdays.

And from Paris we have evening
non-stop flights on Saturdays and
Sundays as well as Thursdays during
October. °

So when it comes to flying east
with us, one thing's for sure. We're
way ahead of anyone else.

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financial Times Wednesday September 24 1986

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i tttg»ninry . WTT.pu cp- . pprsTOL ■ CAMBRIDGE ■CAS&tt?’EX>TNBXJ&GK'GLASCOYf -LEEDS • LIVERPOOL -LONDON -MANCHEsj ER -NEWCASTLE UPON TTOE -NOTUMCHAM ■PRESTON -READING

Financial Times Wednesday September 24 1986

MANAGEMENT SPECIAL: The Battle for Allied-Lyons

The ministry of defence

By agreement and in strict secrecy, Christopher Parkes was a “fly on the wall’ when the UK brewing and foods group
organised its resistance to a £1.8bn bid by Elders, the Australian brewer. His four-part report offers
an intriguing and sometimes amusing picture of this corporate drama

DAY 1

Monday, Oct 21
1985

THE AUGURIES were not
good. Death's heads leered
down from the plasterwork
ceiling. Fleams, the stylised
blood-letting instruments which
also figure in the arms of the
Worshipful Company of Bar-
bers, twinkled in the television
lights.

Apparently blinded to their
presence, John D. Elliott
squinted across the Barber-
Surgeon's Hall at the antagonis-
tic London Press corps. " Is he
wearing stage make-up?" some-
one muttered.

The managing director of
Elders IXL, an Australian
brewing, sheep Shearing and
trading conglomerate, had
lumbered into the heart of the
City to announce his plan to
take over Allied-Lyons, pluck
out the brewing plum, sell off
most of the rump and — with
relish — sack the " tired ” senior

mnnafflHTiftn f.

Andrew Cummins, his stra-
tegy flhief, sat Impassive as
John D. served up his cocktail
of mild slanders, leaden irony,
lavatory jokes, a quote from
Churchill — “my mentor" — and
the merest sprinkling of hard
information on his scheme for
a leveraged assault on one of
the biggest companies in
Britain.

Sweating visibly, Elliott blew
noisily on a Marlboro, uncon-
scious of the No Smoking signs,
and fielded a handful of sur-
prisingly tame questions from
an audience seemingly mes-
merised by the complexity— or
d umfounded by the sheer cheek
— of his scheme to buy out a
leading member of Britain’s
bee rage with mostly borrowed
cash.

“It’s going to be a tough
job to turn this company
round," Elliott volunteered.

Holbein’s Henry vm scowled
from the wall to his left.

A spy from the Allied camp
sat at the back, scribbling: not-
ing the content of the confer-
ence, the mood of the press, the
style of the man and his team
. . . and sketching the anti-
AUied graphs and diagrams
which formed the backcloth to
the presentation.

DAY 2

The Allied-Lyons defence
corps pored anxiously over a
photocopied digest of the intel-
ligence-gathering mission. The
men from S. G. Warburg were
particularly taken with the
abusive distortions of the
Allied logo on the press con-
ference scenery.

“It was on TV and in effect
advertising. I think we should
shop him to the Takeover
Panel," enthused Michael Valen-
tine, a Warburgs director, bug-
ging his copy of the Takeover
Code.

Everyone seemed much hap-
pier. The first counter punch,
more of a feint than a telling
blow, had been thrown. Valen-
tine, a prime mover In the six-
man merchant ba nki ng team
assigned to guide the Allied
defence, and who was to emerge
as a skilled trainer and occa-
sional target for the
brewer’s team, had demon-
strated the artilleryman’s art of
firing a sighting shot

As happened frequently in
the opening days of the defence,
the Allied management had
started the day psyching itself
up into a gung-ho, up-and-at-
htm temper.

Sir Derrick Holden-Brown,
Allied chairman, smiled indul-
gently at the early morning
horseplay. A sheaf of sceptical
newspaper reports on yester-
day’s press conference was
tossed onto the boardroom
table: “ That’s one in the eye
for Elliott . . . Every journalist
I’ve spoken to left the presenta-
tion with a nasty taste in his
mouth."

The Elliott personality
played an important role in the
early phase. Lacking any real
detail on the substance of the

bid, and knowing surprisingly

little about the attacking com-
pany, the defenders had little
to go on. The structure of the
bid and the significance of
IXL , the off-the-shelf company
formally making the offer, were
mysteries.

The Allied camp relied
heavily on their own and media

perceptions of the man to keep

up their morale. He had in-
sulted them and their company.
They were “ tired " — even
“ awful ” — the food division was
a " hotch-potch,” and most of
the group’s major products
were number two in their
markets, Elliott claimed.

Entirely subjective judg-
ments on his physique, de-
meanour, his " piratical M
manner, his smoking and vague
reports of ruthlessness in his
home territory all served to
fuel the tendency to person-
alise the affair. It was rare
to hear the company name.
The name was 11 Elliott"

ALLIED V. ELDERS-THE DEFENDERS

However, the Australian had
come some way Into the open.
13ie long wait from September
5, when Elliott first formally
signalled his intention to bid,
was over. The group had been
twitching nervously since the
spring when it first detected
unusually large transactions in
its shares.

The “ phoney war” was at an
end, declared the Financial
Times. Elliott had revealed
himftftif as a lfl70s-6tyle asset-
stripper, said the paper’s leader

pnlmrni-

The target had been dearly
sighted and the cry went up
among the defenders for the
order to charge. Supported by
Sir Derrick and Sir Alex
Alexander, bis grouchy, cunning
vice-chairman, Valentine held
the line. There was, after all,
nothing to charge at.

He Insisted that for the
moment the company should
maintain its defensive posture.
There was work, albeit un-
exciting, to be dose. “We must
go on improving public attitudes
towards the company as fax as
we can. We all agreed before
the bid that we needed to im-
prove the situation.

“We need to get across that
tills is a very solid, very serious,
very successful company ”
Valentine ruled. The scepti-
cism of the press reports that
morning had done enough to
keep at least the private share-
holders in an anti-Elliott mood.

Flaying heavily on Allied's
recent successes, Saatchi and
Saatchl’s series of bland cor-
porate advertisements was to
act as an effective smokescreen
behind which the company
could dig in and prepare its
offensive in the four weeks be-
fore the appearance of the
official offer document. Then
the group would really know
what it was up against

The defenders were already
preparing a softly-softly cam-
paign to have the bid referred
to the Monopolies and Mergers
Commission. If the pressure
were to succeed, the battle
would drag on for months.
Allied needed to bold its best
offensive tactics in reserve.

Even so, Elliott's first shots
had rattled nerves. Richard

Marti it , chairman of tile beer

division, reported much anxiety
In his camp. "It would help
if someone were to give him a
bloody nose. It would be good
for morale if nothing else.”

“You’ve got to be patient"
said Sir Alex, a man not par-
ticularly noted for this quality.
But even he had not escaped
the effects of the scatter-gun
lambasting handed out at the
Elliott Press conference. He
declared himself greatly miffed
at having been telephoned by
a Wall Street Journal reporter
checking the jibe that Allied's
management had nothing better
to do than issue ordinances on
the colour of lavatory paper
permitted in staff toilets. “ Let
him degrade himself,” Sir Alex
said, adding gleefully: "I don’t
have to talk to the Wall Street
Journal,"

Jasper Archer, a director of
Charles Barker City, the press
and public relations firm,
cheered everyone up. He had
done a straw poll of two dray-
men unloading at the Magpie
and Stump. Elliott, he reported,
was judged In satisfactorily
negative terms. In the early
days Archer was to do almost
as much of his PR work inside
Allied headquarters as in Fleet
Street.

By now the Warburgs disci-
plinarians had taken a grip.
The Saatchi & Saatchi ad men
were briefed to stick to the
corporate promotion line to run
for the next four to six weeks.
“But well also develop a
knocking campaign to keep on
the stocks.” promised Saatchi
director, Michael Dobbs. “We

must try to take the initiative.
Elliott failed yesterday, so he’ll
probably be back. We must be
constantly ready to get bade at
him immediately.” Archer,
meanwhile, would continue to
coach the chairman and his
closest confederates in the art
of dealing with Grub Street

Coaxing the front-liners in
the defence team with half
promises of a chance to attack
later, Warburgs set them dig-
ging trenches.

With almost 70,000 employees
on the payroll, and— as Elliott
had taken pains to point out—
about 100 managing directors
in the group. Allied would be
well advised first to set up a
substantial internal communica-
tions network through which
it could rally its troops.

Elders IXL was already at
work. Citibank, the co-ordina-
tor of the bid funding had
already made at least one ap-
proach to an Allied subsidiary
offering assistance should the
managers there ever contem-
plate buying out their company
from the group. Pub tenants
had been questioned by the
opposition. They needed to be
kept up-to-date and on-side to
forestall any temptation to
speak or even think favourably
of Elliott's vague but revolu-
tionary plan to offer them an
equity stake In their pubs.

Hie significance of War-
burg’s morning message on
communications was rubbed
home at lunchtime by a trucu-
lent presence stamping In the
corridor. “What am I here
for?" snorted an assistant
managing director fresh In
from Button upon Trent.
*Tm here to give someone a
good tide In the balls. That’s
what Pm here for. . . . What
the hell’s going on?"

The company lacked some of
the most basic tools for corpor-
ate communications. There
were plenty of cha nn els In the
three divisions and the plethora
of operating companies. But
there was, for example, no cen-
tralised register of employees.

Headquarters had already
bent house rules by embarking
on Its first corporate advertis-
ing campaign. Now it was to
tinker with its carefully-con-
structed, highly devolved man-
agement structure to get its
message through at all levels
. . . and to place a finger on
the company pulse.

WaCburtga, in die meantime,
was to work on uncovering the
mysteries surrounding Elders,
seeking cracks in his defences
for the time an offensive might
be considered timely. “Knock-
ing copy” was being prepared
and no effort was being spared
to prepare a document which
came to be known familiarly as
"The Dirt on Elders,"

Only when the earthworks
were in place and ammunition
dumps had been built up could
Warburgs allow the defence
teams to consider the main
assault. Even then it would not
be launched at Elliott the man .
Elders the predator company
or any of their associates.

The main target, Warburgs
explained patiently, was to be
the group of fund managers
wheeling and dealing on behalf
of the City’s pension funds,
Insurance companies and unit
trusts. They numbered a mere
270, bat between them they
controlled more than 70 per cent
of Allied’s equity and the
destiny of the top SO companies
in Europe.

The company’s formal com-
munications network may have
been shaky, but the jungle
telegraph was throbbing

DRAMATIS PERSONAE

Tie prin cipa l characters ta the sanative include:

Urt Ipw

Sir Derrick HoWen-Browo, cWntan
Sir Alex Alexander, vfcecbaiiiiue
John Heme;, finance dtoetor
Richard Marthy maifl board director,
brewing

Michael Jackman i*
wines and spirits
Tow Pratt, group i raes t me m controller
Mabata Wright, beer dhristoa
DarU MHcbeV, J. Lyons
Nick Gent, wines end spirits
Jobe Milk headquarters staff
Godfrey tinnett, HO
Michael Crofts, HQ.

S. G. Warinrgi
Midrad Vatatbe; dreefee

Hugh RtchanhoL
Mark Sdignu
Melanie Gee
C mww
Hany Henderson
SoteM&SutcU
Michael Dobbs
Terry Dailey
Charles Barter My
Jasper Archer, tfirecfnr
CmraaMt

Norman Tefabi^ ctanraav Cons e rv ati ve
Party

Leon Britan, former Secretary of State
tor Trade and Industry
Nigel Lawson, Ctance B or of the
Eactwqmr

noisily. Half a day Into the bid already under way arranging
proper, rumblings had reached opinion polls. No one was to
Allied House from all quarters, avoid the net. Shareholders big
Echoes of conc er n sounded in and pub tenants and

the morning by Richard Martin even a 10 per cent sample of
were re-echoed in the afternoon the workforce were to be
as the Pratt Committee, the grilled on topics ranging from
sweat shop through which most their personal views on Elliott
of the corporate defence effort to their opinion of Babycham'B
was to be channelled, assembled status in the drinks market
tor its orders. And Sellgman was soon to

Ch ai r ma n Tony Pratt, demonstrate the rigours of
plucked from the comparative working shoulde r to shoulder
calm of his post as group in- with Warburgs. He dragged the
vestment controller, listened flagging team through a one-
patiently as his colleagues re- and-ahalfhour editing session
ported anxiously. from which emerged a 400-

From the food division: word briefing note to help pub
“There Is a lot of mud being landlords and other employees
thrown and they want to know handle questions from
why we are not throwing it customers, colleagues and
back.” friends.

From headquarters: “There John wnig , group head of
is a feeling that we are not corporate and economic plan-
being assertive. If there Is a niug, protested obliquely: “A
reason why we are playing It committee that sets out to
cool, then we should tea de sig n a horse ends up with
people." a camel."

Pratt, a resolutely good - A voice from Charles Barker

humoured man, consoled them City chimed in wearily: “If

with a report of the teeUngs of anyone has any hard facts,
angst apparent at the morning please let ns have them and
meeting: “The consensus was we'll pass them on to the
that we don’t want to get down press. . . ."
into the gutter," he warned.

“But we might later on,” he
offered, rubbing his hands.

For the moment; the main
aim was to have the bid re-
ferred to the Monopolies Com-
mission but not to be seen to
be pressing.

In tiie meantime there was

other work to be done. In dig- 11Mm ,

nation and »a1 MU, tite L lbj Group.

nation and zeal evaporated as
Mark Sell

Marie Seligman, a young blade Editor

fro£ tofv?arb^^sSbl“ ?L£ ie tn L0 ^ W

demanded numbers— as much
information as the divisions
could provide on the position in

That was not going to be * Commission 0 Jn«?

easy. Statistics were a delicate EfSiSSSte £2**“ 1x1

a.*;i«jnanini,iatiu4 the national interest.

easily-manipulated commodity.
A marketing or advertising man
might consider them easy to
handle. But the defenders
were administrators,

tants, investment specialists,

It was to begin: “The phone
lines between the City and
Westminster are burning hotter
each day as the lobbyists begin

backroom managers unused to

IMIVAAVVAU MUU.K.U W . ».

the antics of the window-dress-

had yet to

House the only

tag trade. For good measure, pwroe wHert coming
they were wholly ignorant of Warburgs and being

the Takeover Panel’s insls- a PP Ued to some in toe Allied
fence on precision. management team who were

“ Elliott isn’t bothered," com- a £ ain straining at the leash,
plained Malcolm Wright cor- Organising a lobby for the
porate development chief from hid to be referred to the Mono-
♦in* beer division. “Bat here polies Commission, one of toe
we are tripping over ourselves mo£ ^ vital— and certainly the
to be 100 per cant accurate.” most delicate — manoeuvres of
Sellgman offered a carrot .. . the whole campaign, the merch-
a hint that the Takeover Panel ant h a nker s were taking no
might be interested in nrina chances. _ Warburgs director
strong counters to Elllotfs Hugh Ri chard son took control
giaimg as a stick with which to immediately. Allied’s John
beat toe opposition. Mills, group head of corporate

The grind had started. The planning, and the man charged
mailing list had to be com- with co-ordinating toe lobbying
piled, a briefing tor managers process, looked peeved as toe
was needed to help them handle Warburgs game plan plopped on
the local press, a conference to toe table,
had to be arranged to allow the “Arrogant as ever," offered
top 700 senior staff to come Richardson, by way of an
together to be briefed by toe apology,
board and its advisers. And There was much concern that
who was to oversee toe produo- Harry Greenaway, MP in Lyons-
tfon of a promotional video to Tetley territory, Ealing North,
seduce toe shareholders into had had the temerity to jump
resisting the bid? the gun and without so much

Saatchi and Saatchi was as a by-your-leave, to table a

Parliamentary question demand-
ing a reference to toe Mono-
polies Commission and a state-
ment on the bid from Leon
Britton. then Trade and
Industry Secretary.

“One prefers to have things
controlled rather than shooting
off in all directions,” murmured
Arthur Butler, a political lobby
specialist from Charles Barker,
Watney and PowelL

Control was alL The objec-
tive was a precise as the
wording was tendentious. The
aim of the Allied lobby was:
“To enable the Secretary of
State to reach the correct deci-
sion on whether to refer the
proposed takeover to toe Month
polies Commission.”

The rules were strict: Allied
was not to be seen to be
attempting to gain a reference.
If asked by journalists. Allied
would reply “toe decision is a
matter for toe authorities.”

A rigid timetable was set
down, targets were chosen and
Sir Derrick and Sir Alex found
themselves nominated as toe
principal hit men in a cam-
paign which was to stretch from
No 10 Downing Street to toe
keg washing plant in toe Alloa
Brewery in Scotland. Using
weapons ranging from a gentle
word in toe ear to a heavy
lunch. Allied was to attempt In
effect to manipulate the mood
of a substantial slice of the
population with a stunningly
sophisticated propaganda pro-
gramme.

The gregarious vice-chairman
— Sir Alex is said to boast an
address book as thick as a tele-
phone directory— had already
been warned not to make con-
tact too widely among his
many friends in the Conserva-
tive Party.

“There are about 120 in the
party who are either ministers
or part of the Government in
some way,” said Mills. “Then
there’s another 150 or so who
if they raised anything In the
House would be laughed at
because they don’t understand
the time of day."

“We don’t want toe issue
raised in toe House," ruled
Richardson. “ The atm is rather
for them to write to the mini-
ster Individually and say ‘the
last thing I want is job losses
In my area.*

“We have only one bite at
tins. We must be sure we get
it right My last two bid de-
fences have both gone to toe
Monopolies Commission. We’re
going for a hat-trick and we’re
relying on you,” he twinkled.

Richardson took a back seat
only when the Allied executives
began to labour with the loom-
ing problem of toe trade onions’
role in the lobby. Elliott bad
stolen a march and yesterday
made a cursory attempt to
seduce shop stewards In the
beer division. Reports of the
talks had already reached
Allied.

Elliott, the reports said, was
concerned that he had not
given any assurances about jobs
at his Press briefings. Since
toe beer business was toe por-
tion he most wanted to keep,
he had ftit it necessary to build
bridges. Sir Derrick had coun-
tered promptly, calling friendly
contacts at toe General and
Municipal Workers Union “ try-,
tog to damp thing s down."

The company faced a con-
siderable dilemma. The unions,
concerned mostly about job
security, were an important
link in toe lobby chain. They
would be asked for their views
by the Office of Fair Trading
and brought back into play
again should the Monopolies
Commission investigate.

But corporate policy ruled
that contacts with unions were
to be handled only at local
level. Headquarters had mini-
mal contact

“We have some friendly

Elders. We need as much
factual dirt as we can get"
Unusually, the Offices of Fair
Trading had asked the company
to provide a defence plan sum-
mary — to be known fondly as
“the charge sheet"— to help
guide It daring its verbal Inter-
views with Elliott and his ad-
visers.

Warburgs men were puzzled
for once: "1ft very unusual."
The OFT, it appeared, had asked
“because all the elements which
usually arise in these cases are
missing.’* It was dear that the
authorities were as much in the
dark about Elders IXL, the
structur e of the bid, its backers
and its intentions as the crew
at ABied.

“ It’s good that they asked us.
We can push them along the
right lines before they see
Elders," the lawyer noted

cheerily.

But first the lawyers had to
defend Allied against the Elders
charges. They needed the fullest
possible market share informa-
tion about the group's products
and everything on innovation to
refute the accusations that
Allied was lasing ground in toe
marketing battlefield and con-
sistently coming second. More
trench work for Pratt’s men ...

But the mention of “dirt”
was much more enticing. Elliott
bad boasted of his management
expertise. What evidence was
there of this? Warburgs claimed
he had cut a swathe through
the senior Elders ranks, getting
rid of anyone over 50.

“Terrific stuff.” said the
lawyer, unconvincingly. Remem-
people in toe trade unions.” **"5* . strtagent

htoteS Sir Derrick This dte-

turned elsewhere. not absolutely supportable.” he

fcr a*rte Bntart ^ devilling

otwhf™ ThwfhBrf Elders accounts, however,
Md 0De or **0 question marks
55“?Ei had shown up ... a disaffected

toe target and the statement of

Its case against toe bidder. It “LSH?

would not be nublished for a
the Elders

would not be
full six weeks.

publn

Rlnpa

Australian publicans
in their

1 pub
pubs

a share
Elliott’s

IXL offer document had not yet SanS^bSSaii Wa S£$H
sighted, most of tiie con*

tents would have to wait.

SAfibn on net assets of $138,000.
22 r*5mf£E2 6ocanBnt What, did it all add up to?

needs a front cover.

Pratt committee man
Michael Crofts looked ponded.
Batches of the chairman’s
letter to employees had been
returned from confused
addressees who claimed never
to have heard of AHied-Lyons.
Investigations showed that
they worked far Tetley or
ether operating companies.
The corporate common ica-
toms artwork was clearly a
useful Idea.

It's a pretty scary story
when you lift toe lid off," sug-
gested SeligUKUl, -again
without mudr conviction. The
seekers after truth appeared to
have little of substance with
which to attack the opposition.
They seemed to he making
cheerful noises to keep np their
morale rather than fallowing
their usual incisive track.

The lawyers; who had only
a few days left to prepare their
charge sheet, tried to keep up
toe pressure. “Can we say he
doesn't give a hugger for
employees? "

T T T— ’ _„ M elanie Gee, devilling for

* * * Warburgs, claimed Elliott did

not appear to worry about
The roughs bubbled with employee relations. But this was
aggression and self confidence, not quite what the lawyers
Mark Sellgma n looked on stony- needed. He appeared to be quite
faced as the artists pr off er ed genexou^. when redundancies

* His operation

uo muwicm ia stout, ox wu ueen growing SO quickly

which is known qulxidly recently that he appeared not to

in the group as “the w beat- have had the time to establish
sheaf”). He glared at proper links with the work-
Britannia wagging the same force,
wheatsheaf In place of her The lawyers, meanwhile, were

. having difficulties with com-

Seligman issued his instrue- munications of a different sor*
tiou. “We need something They had been ul'PiioalTffiev 4
simple on the front cover. Pre- *"
ferably uncontrived, with
plenty of space for messages."

The boxing glove and Britannia
bit the dost He liked the lock
of the ann u al report, a plain,
distinguished, dark-blue ground
with toe company logo.

The artists slumped. They
were In no mood for toe party
game which followed.

Name a strong; up market
colour. The reds have it.

Maroon? A policy decision is
taken that the term “Claret"
win not be used when the pro-

discover the precise links' be
tween Elders txt. and the tang]<
of subsidiaries and associate
which led to the hid on Allied’
doorstep. They had knitted tc
gether an Impressive diagrai
embellished. with boxes
brackets, lines straight am
lines curvy ... and a libera
sprinkling of ominous questloi
marks. They had at least identi
fied the banks behind the dea
— every one of them a highh
reputable, large-scale inter
national name.

Legal experts were alsi

™ nuou we jjiw were an

posals are put to the rfmirwian . delving in the ffru-rtiff Con
It is consi d ered that no colour- panies Registration Office am
can match the beauty Sir rummaging through the bad
Derrick is deemed to behold ground on Eaiotfs association
wh en con templating a glass of in Monaco,
his favoured vin de Bordeaux. They had one hardish fact
And every cover needs a “Despite the Claim in frn
slogan. "Elders buries wines” Samuel's (the merchant ban:
went down well in the faintly advising Elders) latest as
hysterical atmosphere. Selfg- nouncement that ’the ultimat
man. giving up on creativity, “terest in the offers is effec
ruled: “There’s precious tittle tiyely that of Elders alone,
evidence that slogans make any AUted-Lyons could equally wel
difference to a bid.” feU into 100 per centownei

The slogan question would re- 01 the banks . . . Unles
main open, daaded Tony Pratt, tte l0 “s are repaid, thi
There would be a competition, economic interest in toe offer
The prize was one Becker’s remains firmly with the banks.'
horsemeat sausage. Even the fly Warburgs was in touch witl
was invited to join in. too Bank of En ga nfl on {jj,

vexed question of the ham™
involvement, checking whethe
Threadneedle Street had am
authority to intervene. Uf
lawyers were scrutinising th<

*

eluded that the Elders offei

^ tm Novembe 1 ? 18. ^ori:

interview on the Money Pro- ing forwards, Setieman nniw
gramme last night. He had that crucial datiw^hr 310 ^
shown himself to be weak on defenders were straddled no
detail. Even so, he was getting comfortably acroM^hP rLJS
the air time, and on the prin- mas holiday AlUed^finSS

th eL^ y v! ubUci,y ™ for PabSig A piSfi t 8 foS-SS
he was one up would i« DecSer 27^3

“VStat point; but it wu ^

enough to giro an extra edge IaterTtfae hJd*l

called to collect defence to ensure nafianm
material. Now the lawyers are for the targetsT™ 01 dl3coiniorl

Defence Group

WHY

years d;

intoa

Bolted into the average motor C3T, 3D C
clocks up about 10,000 miles in 0ncyC3[]
onto a computerised test-rig, 311 engine dlls
about 10,000 miles in one week. ScVQl d3yS 2
seven nights of remorseless pICSSlUE. p
engines through this and IMiy OtfaCT
our Cheshire Research Centre. UlC 2BH IS
fine-tune our fuels and lublicfflti Aftj tO
sure oil and petrol design pushes J
as, or faster than, engine design. /&0J[
admit, to squash the hopes ofoUTCOffl

10

Financial Times Wednesday September 24 1986

UK NEWS

Anthony Moreton examines how the leading acrylic fibre producer is meeting the demands of a changing world market

Courtaulds spends £1.5m to spin a yam for its future

COURTAULDS, tite world’s
leading prodocear of acrylic
fibre, will be able to increase
output of the yarn from Its
Grimsby plant by almost a third
with the Introduction at the
beginning of this month of a
£L5m line at the factory.

Aaylics are particularly suit-
able for tte knitted-goods
Industry, and the unit is pan
of a rolling programme costing
some £5m to £6m a year to keep
the company ahead of the
competition.

Ur Harold Beaufoy, chairman
of Courtelle, the company's
acrylics arm, says: "Five years
ago we did not really know if
there was a long-term future for
the fibre. Our track record over
the intervening years not only
shows it has a future bat also
that we are the company to
benefit from it"

Courtaulds Is one of the
world’s top six textiles to cloth-
ing concerns. These sectors
account for about 70 per cent of
its £2.17bn annual turnover.

It does not break down the
figures for acrylics but output
this year is expected to reach
about 190,000 tonnes, giving it a
quarter of the European market
and a slight lead over its nearest
competitor, Bayer of West Ger-
many.

In capacity, though, Cour-
taulds has a strong lead. It ac-
counts for 27 per cent of Euro-
pean capacity compared with

Bayer’s 19 per cent and 17 per
cent for Montefibre of Italy.

Acrylic is very much the
European fibre. Nylon, the first
of the three great mart-made
fibres, was discovered by Du
Font and remains the bedrock
of the US industry. Polyester
was developed in England but
has become the Far Eastern
fibre.

Acrylic remains European,
geared to the knitted-products
industry and a suitable fibre for
use on its own or blended with
cotton or wool by the sophisti-
cated rinthrng manufacturers.
Montefibre, Anic and Snia of
Italy, West Germany’s Hoechst
and Portugal’s Flsipe all
directly compete with Court-
aulds, though only Bayer and
Montefibre come anywhere near
it

Mr Beaufoy believes Court-
aulds has been able to con-
solidate itself at the top in spite
of demand for fibres having
been pretty flat over the last
decade through a deliberate
policy of getting closer to the
customer.

The basis of our strategy,"
he says, "is not just to be the
leader in our chosen market
sectors through strong brand
marketing but also to produce
near to the customer. He does
not want to be hunting around
the world for suppliers.”

Courtaulds supplied that
demand until 1984 from two

200

150H

000 TONNES

*vt;

-..i

^ ' i<

;? ■

M

1

p$

mm

g

l

i

exported

OTHER WESTERN EUROPE'S*
homoH

BAYB?

^as.

SWA RSPE

HOECHST ASAH

OQO TONNES,

SRAM WEST
GERMANY

ITALY

factories, the Grimsby plant and
another in Calais. Then it
bought El Prat de Uobregot in
Barcelona from Gyanenka and
expanded its empire.

The Spanish acquisition was
important not only because it
took Courtaulds into the second
largest individual market in
Europe but also because it was
then producing in countries
that, in total, bought more
acrylic than the European
leader Italy.

The Italians, with their strong

fatWnn imliMlt ii mmamw

almost 150,000 tonnes of acrylic
a year, more than 90 per cent
going to clothing. Before the
Spanish purchase, Britain and
France were consuming about
110,000 tonnes: with Spain, the
figure rose to about 180,000
tonnes.

Breaking into the Ttaiian
market would have been
difficult, given the strength of
the three Italian producers. But
Courtaulds now has “home”
markets which are virtually as
strong:

Courtaulds claims one big

advantage over its competi-
tors: In how it dyes the fibre.

M We dye the fabric in over
100 different colours every
week,” Mr Beaufoy says, “ of
which 10 to 15 will be new
ones to a customer’s
Specification.

“ To meet our customers’
needs we have developed a
system, called Neochrome, by
which we Impart the colour
to tiie fibre while stQl wet.
This gives enormous ad-
vantages over conventional

batch dyeing."

The advantage of
Neochrome is not Just in the
dyeing process. The real im-
portance is that it allows
small amounts of output,
under five tonnes, to be pro-
duced more cheaply than by
the conventional process.
Neochrome-dyed acrylic costs
between 15p and 20p a kilo-
gram tor orders of between
five and 10 tmmes compared
with 20p*25p for traditional
spun-dyed fibre.

At the same time, tt is pos-

sible to switch colours on the

production run much more
quickly. Some companies take
up to seven hours to change
colours. Courtaulds bas got the
time down to about 34 minutes.

Both speed of change and the
ability to (produce small
amounts of fibre at low cost are
exactly what toe customer
wants. Faced with increased
Import competition from low-
cost sources, toe garment manu-
facturer is reacting by changing
fashion and styles more fre-
quently. The traditional two
seasons— spring and autumn—
have long been replaced in
Europe by at least tour, with
six not uncommon. The change
In emphasis at Ghqp level would
have been hnpossMUe without
developments such as those
which Courtaulds has helped
pioneer on the factory floor.

Hr Beaufoy is aware that this
leading position will be main-
tained only by "continuing to
invest steadily.” Imparts from
Taiwan, South Korea and Tur-
key are beginning to creep up.

To keep Courtaulds ahead he
Is looking for other countries
to buy into. With Europe vir-
tually a closed book, because
there are so many strong com-
petitors, and the US a "missed
opportunity tor Europeans,” the
logic of iWnMwp though
he will not officially admit it;
leads to Latin America.

This strategy also demands

that Courtazzlds should move
into other high-performance
uses for acrylic. According to
Mr David Buck, textile analyst
at brokers de Zoete A Sevan:
“A small but fast-growing part
of Courtaulds* acrylic business
is in industrial textiles tor
carbon fibre manufacture where
£20m sales are growing at a
minimum of 20 per cent a
year.”

Courtaulds has about 10 per
cent of the world market,
thr ough Hysol Grafil, a- com-
pany half-owned with the
Dexter Corporation of the US,
supplying advanced polymer
composites, a sector that has
been growing at more than 40
per cent a year for the past
five years.

Carbon Q frp f*. although g»m»n_
typifies toe sort of specialisa-
tion, alongside Neochrome,
which is building Courtaulds 1
position of strength for the
future, according to Mr Buck.

The company is making a
hydrophyllc fibre on an experi-
mental basis to be able to
produce, eventually, a small-
volume, speciality fibre. Other
research is being undertaken on
high-lustre fibres and with a
more absorbent fibre for use
In medicine.

“There has been a recovery
In confidence in fibres," accord-
ing to Mr Beaufoy, “ and Cour-
telle Is well placed to take toll
advantage iff it.”

Trans-Natal. Unleashing the
full potential of coal energy.

Trans-Natal, One of the largest
producers of coal in Southern Africa.
A company in the Gencor Group
committed not only to unleashing to
the full the potential of coal as a
viable source of energy, but which
has also had the foresight to invest in
people energy.

People with exceptionally strong
management capabiities. An experi-
enced resuft-orienfa^
ing a modem progressive and entie-

soctal responsibilities.

Trans-Natal cares as much for
labour and staff relations as It cares
about investing in operations which
consistently produce the right quality
coal for every market. Creating job
opportunities and providing its cus-
tomers with the kind of service they
have a right to demand. Delivering
on time, every time and playing a
positive role in coal price stability.

People energy too, means Trans-
Natal is an innovator in mining con-
cepts. Concepts like mulfi-product
collieries which produce different

qualities of coal in order to optimise
the utilization of its natural resources.

And Trans-Natal is constantly look-
ing to the future. Ensuring it has a
massive resenre base to last well Info
the next century.

In addition to fts recognised
success within Southern Africa the
company is continually gaining mo-
mentum within the export market.
With customers throughout Europe,
the Middle East and the Far tot.

Trans-Natal Coal Corporation. The
energy of its people unleashing the
full potential of its coal energy.

preneuro equal opportunity company.

A company aware of,
and carrying out, its

Trans-Natal Coal. Energy out of Energy.

A company in the Gencor Group-

Jonbcrt, Graham, Scott tc P art ners 268786/1

ftrtprcHy Mw ia etyft iBe nnTiNi i i aiea u wnMtehar

Message from the Secretary of State
for the Environment*

lMi an til am of how untighty altentew and dartganus Hkr is
and how Il m akBa ou r awoundhga lea s pi ano art. Bean afl octon c h
ana of ua, aSar h ihe rites, bnaid vOaga where we ft* and
vnik or an toe beech and In toe nxeteakfe whan we relax. Utter
to tea oorty to daw up. The sad feet is howauar that Mter is

tooug htlas s

arriiatateaabteatewtik^iiamreawldBdbyraoie a ona kl awaon.

It is (Mate to persuade people to anatetea maporaMBy far Mr
wnsto, and it is in this reqrad that Iho Keep Br&ain Tidy Gnxpr^M
an iiwteuaMe c onMbuagn . filte r Comm unj ^Enwownanij
gramma odare a uiiiMliBiBlw approach lot' f abateiiwiil
itrixcfresM

Pro-

r abatement and
icocnmungy in lacking Vie r oot oHhapipty-

Itodea The pate year has shown tha
to enauasftg tocte autooritiaa to
adopt Hs wd-toteanced nospaima fhte success anna much to
aw use at Via Qotcla s te J a m ploy d under toalrOommunMyPwfr
gan ^Afla TcywtoreM aiy Mii w SerwcasConiniia B itia
It is encouragm to record ctw achtouamanto Tha BaaufiM
Main Canvjtegn has again tekactod mom a^port and paritopa-
ion fro m local authorities, voluntary agantaations. Industry and
commerce; and this year has soon the pUAtecn of ttu Groups
inlaid fiuMuinti report on marine Him:

I can toiy ay that fie Keep Britten Hdy Qtxji la an aictetant
mmptote now organfeaflons can assist Govemmert into tasks,
and inobed howl nough toa etorta of a number aldsdcatadsttet,
tre goodwfl and ontoiniami of others can be hamaaaad to hot*
eratfca>atoBirepl oaaan < noiM cfBlBrtanouraociaty |l owe»arwa
should not be oomptaoanL Oi* states and puttee puces BuBbtea
tote town Is si mudiworfctoba dona andlwwli the Giotp success
to toe earring 12 motahstoadBntlug toe tehxpcf toe Gomm i siiy
. Erateonmen t P ro gramme aid through thter tawhemsr* in widar
erwrnr inanttetHutawiu .

The CBIsays'CIean Up -it’s Good Business”

Please conskJer contributions and Joint sponsorship schemes

Keep Main Tidy Group. BosW House, 37 Vfete State, BnGHTON BN1 2RE
■**(0273)23685. RegtaterodChartlyNcx 205076.

•/Bteacte d ta n toe QpryMraoteflBperf tassee

The Fourth

Professional

Personal

Computer

Conference

London, 30 & 31 October 1986

fwanoajjtmes

CONFERENCES

WyfafawtetariptewBiaawnMf

Financial Times

Conference

Organisation

Minsta Houses Arthur Stow*,
London EC4R9AX.
A tom teV fc
telephone 01 -4211355
tdac 27347 FTCONFG.
fare 01-423 8814

To tire Holders of

YAMAICHI SECURITIES COMPANY
LIMITED

U.S. $50,000,000
5% Convertible Bonds 1998

NOTICE OP FREE DISTRIBUTION OF SHARES
AND

adjustment of conversion PRICE
of the above-captioned Bonds will be aKrtS?

enraave ^ trom ^ Octo ber, 1386 Jananti
TJ^date of issue of such new S h ares . is 14th ’ N™

»M«an SEcuamBs company, limit

Omo-ku, Tokyo, Japan
September 24, 1988

National^

Provincial

Building Society

8n*n that the Rale of Interest has bm

fiadat If and that the interaet payable <r ^M.rrir

▼ant Interest Payment Date 22od Decemba* 1986 ream*

coupon No. 3 in respects £5000 naniaalcftbeNbtM^

aSBAiar * “ — M

Agent Bank:

Lloyds

Merchant

Bank

y

V

11

Fina nc ial Times Wednesday Sep famihyi- 74 iftffg

UK NEWS

. « ■ 1
Z>.

iS-v

• \- L *■■■■-

L' # . Zj . ' ‘

Steel suffers defeat in
crucial defence vote

BY rsicn RDDBJL, POUTKAl EDITOR

atSfc*

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focrJ^

UR DAVID STEEL, the liberal
leader, yesterday suffered a highly
emb a rr a ssing, bit net necessarily
irreversible, setback to Ids hopes of
producing a joint Alliance nuclear
defence pofiqy wffo the Social
Democ r a ti c Party (SDP).

After a tense ««> impassioned
two-hour debate, the Liberal As-
sembly in Eastbourne decided by
652 votes to 628 to laA an amend-
ment that any British wiwjrib fl li T fHn i
to collective European defom y

should be non-nuclear.

view of Ur Steel and most liberal
MRs that the amendment would
dose oB file possibility of dlscue-
afons about nuclear policy between
Britain France, as the Alliance

The vote will undoubtedly cause
gfcrntnn within, the AUjuryn as SDP
leaders will fed that Ur Steel has
failed to deliver his party for the
European co mpr o mi se, which the
SDP last week, backed.

However, Mr IauWriggleswurfh,
an SDP UP, tried to draw some
comfort fay saying the liberals were
not BniLriwsW The. result win,
however, be seised upon by Tory
leaders to At tack the Affiance’s
credibility.

Mr Steel himself, who (fid not
speak in the debate, quickly moved

to minimise the *i grnfiraTirp nf fire
vote. He described it as “only an ir-
ritant and not a serious setback."
He said he would live with the re-
sult in view of the narrow margin
and the interpretation placed on the

amaiirinw fflfr fry flu* ttw h i pw

The liberal leader **m that the
proposers had denied that toe
amendment was an obstacle to far-
ther flaamsfore with the French
and accepted that the liberals
could not obtain 100 per cent of
what they wanted in any Alliance

may allow Mr Sled to produce an
agreed formula next year, but he
win have to fe»v» fato acco unt the
strongly antinuclear tone of yest®-
day's debate.

Mr Steel and bis advisers had
bemamfidert id vicbxy, after edn-
dUatory gestures on Monday by Dr
Owen. The defeat partly r efl e cte d
the desire of liberal activists to as-
sert their own party's identity and
long anti-nuclear record within the
Alliance. But there was also wide-
spread suspicion of the recent pro-
posal by Mr Steel and Dr Owen for
BritZflb/Fheach ( timit wmi

aid for an alleged new Euro bomb.

X TmwataUy far m party i^nfaw nwi,

the vote also appeared to be influ-
enced by ft* ww te itwif aWi the

mwrt rff prtf ra nnwMb n t faim aiming .

In particular, in a warmly received
speech Mr Simon Hughes, the lib-
eral UP tor Bermondsey, argued
that nothing in the Hwpwfnwnt prfr*
dated discussions with France an d
he emphasised the need tor a non-
nuclear approach.

Yesterday's debate provides a
parallel with the derision two years

to urge the removal of US cruise
missiles from Britain. Ou that occa-
sion, Mr Paddy Ashdown, the lib-
eral MP for Yeovil, acted as- Mr
Hughes did yesterday in challeng-

tag the leadership. But yesterday
Mr Ashdown sided with Mr Steel,
despite bis reservations about any
British /French b otViw d eterr ent.

The backets of the
were I hs t nig*** 1 - t ha t the

vote would strengthen Mr Steel's
hand in talks with the SDP, though
there are no signs fiat Dr Owen
will change Ms fadref th a t Britain.

remain a power af-

ter Pblaris.

Opening the iiph% , Mi- Jim Wal-
lace, the parly’s Defence spokes-
man,' ca?d w jfl t fl y amendment

WOtzld fopfictesff a p racrihfa uni fny
[w rtjin t rptf pn »nH Tomlo r pnfitflBwp

at an early stage the initiative with
Europe started by Ur Steel and Dr.
Owen.

. Ctew in tcrqwt, Page U

Unions hail

Telegraph

agreement

By Raymond Snoddy

MR Andrew Knight, chief executive
of the Daily Telegraph newspaper,
yesterday described fite compre-
hensive agreement reached with
prod u cti o n iminmi an the Tele-
graph's f^ndnn Docklands plant as
a benchmark for the rest of Fleet
Street

Mr Knight was speaking before a
signing ceremony in the new£75m
pouting plant in West Ferry.

Thb is fim first, w yft d nii
agreement ami has features I sus-
pect which other publishe r s did not
expect to get in theirs," Mr Blight
said. ..

The a gr eement, which prorates
for a 60 pas centYdductionih man-'
Trmg tevris and binding aristration,
was signed an behalf of Sogat 82 by
Mr B91 Miles, general officer of the
union. Mr Miles said the agreement
was just a step towards making the
Telegraph viable and showed a
common-sense approach by his
members.

The manning levels, rates of
pay, job security and procedures
agreed are; I befiewe. going to
work,” and Mr Miles.

Ms Brenda Dean, general secre-
tary of Sogat, had intended to sign
cm behalf of her union but was de-
layed. She said in a sta t emen t that
tiie agreement demonstrated that

with good wffltm both sides unions

and management can reach collec-
tive J^greemarfs satisfactory to both
parties.

The other production onions hove
already agreed to sign the deal
which was Largely reached at plant
level between management and lo-

The new plant, which wifi be op-
erated by 670 people compared with
1,680 at the old presses in fleet

Street, wiR start pnxluang newspa-
pers this Sunday and be fofiy opera-
tional by next April.

The agreement is seen as having
a n umb er of landmark features.
They include: manning levels based
cm requirements; plant

bargaining in a joint standin g com-
mittee; Winding arbitration; mwfis-
pnfraq i^ulMi'biking ; all provisions in-
4 ;tnd»d in legally landing individ u a l
contracts of employment.

Hopes rise of new
calm in coalfields

BY CHARLES LEADBEATER, LABOUR STAFF

THE FIBST meeting between Na-
tional Union of Mmewockera and
Ste Robert Hhrianyfoe chairman of
British Coal, ended yesterday with
bofii sides bolding out fiie hope of a
more canrifiatory approach to in-
dustrial relations in the coal indna-
try.

After a three hour meeting Mr
Arthur ScazgOL president,
said bn hoped the onion would have
a * w>nB mri ng dialogue” with the
board of British CoaL He said Sir
Robert had offered an "open door”
to the unkm to talk about Issues in
tbeindnsby-

Sir Robert said: There was a
level of discussion, it was

and calm. There were no liis-

trtomes, and some meeting of
mmds.

the tost between British Coal ami
the foil executive of the NUM since
May, IBM, could open the way to
more condhatary industrial rate-
Smw fo foe industry stiU hangs in
the balance.

Mr Scargill said tint although
British Coal had agreed to consider
some of file pofots the union raised,
tile meeting had revealed basic dif-
ferences between unkm and man-
agement,

The union’s exec uti ve will meet
tomorrow to decide their respons e
to todays talks. Mr Jack Taytor; the
loader of the York shi re area of the
NUM, said last week be would
press tor a national ballot on indus-
trial action if talks with file board
efid not end satisfactorily. Durham’s
BJXJO miners will next week consid-
er starting a limited overtime ban.

The mort p ressi ng issue dividing
file tarn aides is British CoaTs dear
sten to award many miners last
year’s pay Increase without fofiy
backdating it to No v e mb er, 1985.
British Coal says it has to witbokl
10 months worth of the pay rise to
make up for the EOOm of pensio n
ftmri w rtrib ' ftiM fo* * iwmw ww»-
sod through the 1084-85 strike.

Sir Robert admitted that fins way
of *"»kw>g ip fiie rimrtfoD in fim
pwmiow fond c ont a in ed "rnipprfcc-
tkms and injustices." However be
insisted foal withholding part of file
pay rise was the only solution be-
cause the NUM had rejected either

higher oautribatious or lower benef-
it rights.

Mr Scargill said that the manage-
ment team led by Sr Robert recog-
nised that the decision to withhold
pert of the pay rise was causing
mou ntin g unrest to the coa fiek te.

Morgan Stanley applies
to join stock exchange

BY IKK BUNKER

MORGAN STANUEY International,
the UK-based aim of the New York
securities firm yesterday applied
tar membership of file London
Stock Exchange.

Mr Archibald Cox, who heads
M o r gan Stanley’s Lo n d on offia*,
said the move was being made
through a newly formed subsidiary
to be called Morgan Stanley Op-
tions I’jrnifrv? Too infer from
that that we.w3L be interested to op-
tions,” Mr Cox said, but be dre K wHl
to give farther details of the compa-
ny's plans. ■

Mr Cox acknowledged that fiie

tvrHnrt had MW* too tea far
my tO join ft* * »dmi igo
in time for the Big Bang market re-

anp&i

the c

forms on October 27. Morgan Stan-
ley International hopes that its
membership can he granted by the
end of November, ho w e ver.

The company, which opened its
London office in 1977, is already ac-
tive in fiie UK in trading in securi-
ties such as American depositary
receipts (ADRs)

Mr Co * said membership of the
exchange would be a "logical com-
plement" to membershfoed the New
York and Tbfcyo exchan ges an d

pltmnorj Of juind(W fo

find Germany.

"We believe that membership will
help us to serving the investment
needs of our cheats and c us tomers
around fiie world,* he added.

GM fixes
price for
truck plant
viability

ABOUT £700 must be cut from the
production cost of each Bedford van
if the Luton, Bedfordshire, factory
where they are made u to be inter-
nationally competitive, employees
have been warned by foe parent
group. General Motors of foie US,
Komedi Goodtog writes.

GM announced recently that 700
more voluntary redundancies were
needed at foe van plant and the
3,590 employees have b een told that
this is only une of the measures
necessary to reduce foe average
cost of producing each vehicle by
£500 almost immedi ately. The rest
of foe cuts must be found *5n weeks
rather than months." GM told them.

The large press shop at Luton
north of London, is seriously onder-
ulihsed,GM said. In June the group
called for 340 voluntary redundan-
cies from the facility.

The company has spent £50m in

van plant so that it can pro-
duce two small vehicles based on
Ji

own

. , van.

Rwfag of foe one-tonne Bedford
MM! , launched eariy last year and
based on an Isuzu d e si g n , have not
lived up to flM« expectations either

fo the UK or Italy, a key export
market There has been some
short-time working this yean

□ BRITISH TELECOM’S share of
foe large prfw n fa pmhang e market
is understood to be falling. BT en-
tered foe market only three years
ago, but in the year to March it held
a 61 per cent market abate; accord-
ing to me estimate .

Sir George Jefferson, BT chair-
man. is believed to have told a
union delegation representing tefe-
wimnwmfaatinn equipment winters
that BT is now lorisg market share
fo ft« w ^nwiit .

nwfann expre ss ed concern about
what tt claimed was the increasing
tendency for BT to buy equipment
from abroad while some important
markets still remained closed to UK
products.

□ UNIVERSITIES in Britain were
iatfa from closure, Mr Kenneth Bak-
er, Education Secretary, said. T win
not even consider any such propos-
al,” he told fiie Committee of Tice
OwnwillnK and Principals at a
meeting in Edinburgh.

T want to see a higher proportion
of one young people and more older
students going into higher educa-
tion of all The alternative -
of cont ra cti on in fiie system and
ctosureafinstitatians-sniudyaoes
not square with the country's need
for highly qualified manpower.'*

D TRANSPORT is increasing stead-
fly as a proportion of the overage
British household’s budget and his
now readied 15 per cent, according
to figures rabased yesterday by the
D epartment of Transport.

The departments annuel review
of t ra nsport s tat istics shows that in
foe first months of last year
fiie average household spent nearly
£21 a week on motoring, more than
five times as much as on other
forms of transport combined.

□ DRUG companies face action
a future Labour govennent that
curb their profits, Mr
Meacber, the party's chief health

He «fl*toi«d that foe Go v e rnm ent
was allowing foe drugs industry to
increase further its "substantial
profits and that Mr Norman Fbwl-
er, Social Services Secretary, had
abandoned any to curb ex*

phritation of the National Health
Service hy foe pharmaceutical com-
panies.

o NABISCO breakfast cereals fac-
tory at Welwyn Garden CHy, north
of Lon do n, will receive a &55 per
cent wage rise fids year undo- the
14th long-term pay deal negoti ate d
by the food processing group.

Marks and Spencer reshapes at the top

BY CHRMTOmBI PARKER

MARKS AND SPENCER, Brit-
ain's fa-Ung f retailer, has rear-
I to top manag ement team
i BS-styte chief op-

tion as dc

to-day of the co mp a n y.

The newly created port baa been
filled by Mr Richard Greeribuzy,

aging director since IS?*

Lord Raynor, who rem ains as
• hat wi o m and chief executive,
wfflfofntareancntrate mainly
on forward ptennte®. MrWBHam
Howard, 6& will tetafc irie pesi*

retires at the end of March next
year. However, he lose* his other
foie of jatnt man ag in g d k ec to r
and foe ep wathig wwpBmft i H -
ties which go with it.

Mr Greecfc r, who joined foe
**T«T 1» HQ as a junior
trainee, was sp-
an afaraate director in
a foil member
of foe board fa 1971 The compa-
ny add jatod o y that foe
of the evefak-

tknofthel

Thknracessh
ike tweyeara rinee Lard Staff

the twin influence* of Laid

Rayner’s aggpewrion end foe fa*-
clearing chafienge to variety aad
d epar t ment stare chains from

specialist retaflexs.

MAS, widely considered to
have lost id way In 1984, has de-
veloped aad expanded rapidly
since. It extended its podoct
range, finked with Two, dm so-
pennarket dwhy to eut-

of-town shopping cadres and

lau n ched to own ereCt card.

More wcenflylt has u vnipe d
■nay of to stares, dresring fimn
to counter fim attractions of the
b ri ght new breed of speda H st
cwpcrttars .lt has also extended
to range to tadode fanntnrB.

Breaking vrifli past pnctla tt
hired outride pnbRe rriafions
booked an ad-
' lor to firs t ven -
lute I eamuaign edver-

Boston

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discovery plums had already been picked.

So Elf had to dig deeper; to go where it is
colder; to go to the bottom of the deepest oceans,
in order to win a true share of world markets.

This pioneering spirit has also led to the
development of new products and services in more
traditional markets.

Now Elf Aquitaine has joined the other
majors. But the pioneering spirit will definitely stay

The ubiquitous Elf Aquitaine.

CO ME TO THE GULF

UK NEWS

Troubled food body still
seeks a new chairman

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BY ANDREW GOWERS

A NEW governing council took over
yesterday at Food from Britain, the
troubled marketing body - bat the
Government and farmers’ leaders
are still desperately searching for a
new chairman to spearhead a re*
launch for the organisation.

The consol contains prominent
names from the food and farming
industries, mdutiing Sr Derrick
Holden-Brown, chairman of AIKed-
Iyons, Sir Stave Roberts, chairman
of the Mnk Marketing Board, and
Mr David Naish, deputy president
of the National Farmers’ Union, ft
faces tiie diffimTt task of nduvigo-
rating an organisation mffu Hng
from poor morale, uncertainty
about its role and inadequate fund-
in g,

Financial Times Wednesday September 24 1988

Sumitomo puts profit .
in sight at UK’s
Dunlop tyre plants

The failure to find a new chair-
man is a deep embarrassment to
the Government, which has staked
a good deal of prestige on making
Food from Britain wade.

Food fins Britain was founded
by Mr Peter Walker, then Minister
of Agriculture, three yeans ago to
improve the marketing of British
food at home and abroad. But it has
been dogged by persistent infight-
ing between food "v mufw ft iurp T s
and farmers, and in particular be* 1
tween sectoral organisations such
as the Milk Board and

the Meat and livestock Cranmis-

Earlier this year, Shod from Brit-
ain almost collapsed what industry

bodies failed to come up with ade-
quate fandrng to supplement a di-
minishing government contribu-
tion. It was subsequently saved by a
promise of finds from cereal grow-
ers and is now supposed to reshape
itself under the influence of the
farmers.

Hie farmin g in dus tr y was also
supposed to nominate a new chair
man to replace Mr Nicholas S ap h ir ,
durinmn of H r m tor Saphir , the

fresh produce distribution compa-
ny. Mr Suphir Kan chaired the orga-
nisation from the start bat has ex-
pressed a desire to leave. However,
the NFU has failed so far to find
someone who would be acceptable
to its membership as chairman of
FFB.

BY UN HAMILTON FAZEY
THE TAKEOVER of Dunlop’s Euro-
pean tyre-making plants by Sumito-
mo Rubber Indus tries of Japan ZL
f^nthc a gn fags }$d to productivity
gains of up to 22 per cent through a
combination of investment, job*
shedding and better working prac-

set free to manage dungs."

Originally, Sumitomo imported
into Washington three Japanese ad*
visers - one each for technical, pro-
duction and engineering manage-
ment Only the production adviser
remains.

Investment at the company's

Nissan to replace best-selling models S32

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NISSAN UK, the independent im- Sunny ranges wwce excluded from
porter of Japanese cars, today re* Nissan UK’s 3 per cent average
places its best-selling Sunny and price rises which took pf fcct in Au-

models with one new range gust

which retains the Sunny tiimim*

Prices are increased by an aver-

age of 7 per cent partly because of with £5^

^ust over £7 JMO for the old mod-

yen compared with the pound, part-
ly because the new range is slightly

The new range was launched in

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also because the old Cherry and Pulsar, a name owned by Ford in

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to Nissan.

With combined registrations to-
talling S2JN0 last year, Cheny
(23,300) and Sunny (28,700) account-
ed for about half Nissan’s car sales
m the UK. The importer, whose to-
tal vol ume is restricted to about

105.000 cars a year fay the re-
striction on KlijjiHKf utii of Japanese
cars to Britain, expects to sell about

40.000 new Sunnys next year.

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Stores

The loss-making UK plants are,
now likely to break even this year
rad make profits in 1987. The com-
pany’s West German factories are
in profit already, and operations in
France are showing "good prog-

ZGSS*

This was revealed yesterday
when SP Tyres UK, the company
framed by Sumitomo out of the
Dunlop launched a

new range cf tyres for family and
fleet cars. The tyres are being made
| at Was h ington, Tyne and Wear,

’ north-east England, where produc-
tivity levels are now the highest in
Europe and second only to Japan’s.

The new range, which is called
the Dunlop SP6 series, is the first
new product since the takeover, and
the company is claiming for its sub-
stantial technological advances in
c orn e rin g stability, wet grip, steer*
ing sensitivity and noise reanction.

I" Bpft e pf fo* 1 hi ghHfMliiP this in
said to repre sen t, the productivity
gains are enabling the new tyres to

ha n ff nr ff] fit TnnrgrnnHy high.

er p rices ftmi ^ Dunlop
they will supersede.

Thu Kvip f in rf nriiMVi tnimiigMiiMit

of the company is almost entirely
ftp mrrrm m ^riien Sumitomo took

Ota, Mr Mitu W TIonn fK o WimWwp .

ton prodnetian manager, said yes-
today: “Wk line ben given the In-
vestment the company i wi I ii H

Britons taxed
more heavily
than before

ByPNflp Stephans

THE BRITISH are more heavily
taxed now than they were six years
ago, despite the Government’s re-
ductions in income taxes, according
to an analysis fay the Paris-based
Organisation for Economic Cooper-
ation and Development
The OECD study shows that the
share at "*fa»iii tnonme faiW>n by
the Government in taxation rose
from 3IL33 per cent in 1980 to_38Ji8
per cent in 1985. That places Britain
among the most hemrijy. taxed of
the leading industrial nations.

Of tin group of fare biggest econ-
omies only France, with a 45.55 per
cent share of fripflmg fafcpn by tax,
had a higher figure than Britain
during toe last two years while
those far West Germany (37.97), the
US (28L99 per cent) and Japan (27.38 '
percent) were lower.

The OECD analysis covers all
taxes, direct and indirect and other
co mpuls ory contributions such as
national insurance payments. It
shows that, relative to most other
industrial countries, the proportion
of total taxation in Britain account-
ed for by income and profits taxes
is below average.

However, propert y taxes -mostiy
local rates - in Britain represent a
much larger share of government
revenues than elsewhere.

Cllm next year, followed by aa an-
imal capital allocation of about
£10xzl Key production investment
was in macbineiy that is helping to
imp ro v e consistency and reduce
w aste.

Pro ductiv ity fa measured m
terms of m ranfa ct ari ng time. 'Hii?
consists of the average number of
minutes taken to make a tyre, mul-
tiplied fay a factor which takes ac-
count of the type and mix of lyres
involved so that figures can be com-
pared fairly.

Mr Ian Stoss, director of manu-
facture aid personnel, said that
waste had been reduced by the joint
efforts of the workforce, as weD as
better machinery. The figure had
fallen from 15 per cent in 1984 to 5
per cent now:

■ Communications had >w»n im-
proved as a result of monthly brief-
ing groups, and quality circles had
been introduced. Suggestions at
Washington were now averaging
one per employee per year although
there was still a long way to go to
catch up with Japan, where the fig-
ure is three per employee per week.

SP Tyres UK now employs 2/MQ,
compared with 3^00 under Dunlop
in 1964. Most of the job losses oc-
curred before the takeover.

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Financial tto Wednesday September 24 1985

UK NEWS

I

‘could never be
with Thatcher’

BY TOM LYNCH

=1SK

THE LIBERALS could sever make
a part with Mrs . Margaret Thafaher
in the event at a hung parliament
after the next general election, Mr
David Alton, the liberal chief whip
in flie Commons. told the aawwM y.
"A precondition for any co-opere-
<. turn between Liberals and Cmaer-

vatfves would be that Mrs Thatcher
:v , despatches herself to Dulwich as
.soon as the election is over," he
Mrs Thatcher has bought a
' 'house in the London suburb.

- Mr Alton said Mrs Thatcher
could never change - “it would be
-1; easier for a Bon to become a vege-
s 1 tartan."

- Mr David Steel, fte party leader,
was later cautions about Mr Alton’s
dunce of words, but said he agreed
with him. "1 don’t thfrifr I would
have put it in that brash and nodi’
plomatic way, bat I don't thmV she
O would stay around,* be said in a
'' BBC TV interview.
y During a debate on what should

;; Rebuke for
f, South African
^ ambassador

By Ivor Owen

S' MB DAVID STEEL, the liberal
- leader, strongly rebuked Mr Denis
WorralL the South African ambas-
s ador to Britain, far *tip»fagiwg his

prev iously imimiiMnmfj plan far a

2' louriiay visit to the republic.

' ^ cbnunsatiag m fa** flw»
ambassador had prcbKdy suggested
whidi places should be inctadad In
*'* his itinerary without any prior can-
-s sultation, Mr Steel said: "To put it
mOdty, this is undiplomatic behav-
iour from a diplomat”

~ His rebuke reflected tire anger
~J felt by dele gates to the assembly
S that tiie «wnha«wMfar had com-
pounded the offence rammftteH at
the SDP*s conference in Harrogate,
Yorkshire, last week when he issu-
ed a circular letter, outlining the
Pretoria Governments rejection of
the views expressed by those catt-
ing for an early end to apartheid.

Mr Steel,, who hopes to visit the
so-called Front-line states in a 10-
day mission to southern Africa, has
accepted an invitation horn the
principal of Cape Town Dmversiiy
to deliver a lecture there on. October

9.

He will also meet Archbishop
Desmond Total and intends to seize
the opportunity to gather the views
of all strands ofSonfh Aftiranopip-
ion during the course of afburrday
stay.

He fa towd* to visit Botswana.
Zimbabwe and in the

course of his retain journey

happen after the general election,
Mr Alton said the party should not
drop jts HpmanHw for electoral re-
form. Proportional representation
was vital for the future of Britain.

Mr Alton received a standing ova-
tion at tiie end of his rpeech, In

Liberal Party
assembly

which be also poured scorn on sug-
gestions that the liberals and SDP
might go separate ways alter the
election. “We hove come through
fer too Our aHiimap is fl tf P P g
and true. It has been tempered in
the flame, and oar future is inextri-
cably bound together."

Mr AHnw* ff j n s i il frfnff fe at eleefaa .

al reform .was a prerequisite for a
pact was echoed by several speak-
ers from the floor. Mr George Bin-

ney, of Hertfordshire North, was
applauded when he said it bad been
“a great mistake” for last week’s
SDP assembly in H a rrog a te to de-
cide not to make electoral reform a
"sticking point* in negotiations.
There must be "do pacts, no deals,
no-support far a government unless
we get proportional representation
in Westminster.”

The . assembly overwhelmingly
backed a motion ur ging the past-
election parliamentary parly and
its SDP cbDeagues to negotiate with
the other parties through a team
comprising the two leaders and rep-
resentatives from the parlia-
mentary parties.

It called for the party to be con-
sulted through its national officers,
for the negotiations to be reported
to MPs fin approval and derision
and for a team of expat advisers to
be set up to help MPs with details
of the discussions.

Companies accused
of giving schools
excess propaganda

Government housing
record condemned

BY MICHAEL CASSELL, POLITICAL CORRESPONDENT

THE Governments record on hous-
ing was roundly condemned by the
assembly, which called far a cam-
paign to press for improved housing
conditions and far increases in the
number of homes to rent «mi buy.

Delegates wee told that the In-
ternational Year of Shelter for the
Homeless provided an unparalleled
opport uni ty far a rethink of atti-
tudes and policies in the field of
Tm imin g.

Mr Mark Hayes, the prospective
pa dtam e n ta r y candidate for Saf-
fron Walden, in soothfast England
said that under the Con servativ es
the pli ght of tiie homeless had

grown much worse. The number of
hom el ess had doubled each year
since 1978. Only half those applying
in Enghwid daring 1985 to he treat-
ed as homeless had been accepted.

Mr Hayes claimed that an ever-
increasing nmnba of young pec^e
were now living on the streets and

the crisis was deepening in the face
of the "pathetic remnants” of a pob-
Be housebuilding pr ogr a mme.

The Government, he said, had re-
sponded by changes in the benefit
regulations winch forced people to
move from town to town. He said
that substantial extra investment in
new housing to rent was urgently
required.

BY DAVID CHURCHILL

THE NATIONAL Consumer Coun-
cil yesterday called for safeguards
against excessive commercial prop-
aganda in Britain’s schools. It be-
lieves that too many companies are
taking advantage of schools’ lack of
educational materials to provide
them with teaching aids winch are
Inaccurate or biased.

The connrij, in a report published
yesterday, gives examples of earns
propaganda by companies. Kel-
loggs, for example, quoted its brand
name some 96 in pay educa-
tional booklet. This included using
tire Kelloggs name some 18 times
on (me page alone.

Lever Brothers was also criti-
cised for a guide for children enti-
tled: "How to tell the difference be-
tween a good quality dishwashing
liquid (Bke Sunlight liquid)
and a cheaper dishwashing liquid.”
Sunlight is a product produced by
Lever Brothers.

A leaflet from tiie Butter Infor-

rrmtimi (Inmwrfl tie also e rHjffiaad far
its attack on margarine.

Mr Michael Montague, chairman
of the council, said yesterday: “We
are not raffing far an all-out ban on
commercially sponsored teaching
materials." Bat, he added, he was
worried by “so-called education ma-
terial which is really just advertis-
ing, designed to produce brand loy-
alty among children in the dais-
room."

Mr Montague said that "com-
merce and industry are entitled to
pot their point of view and to try to
seO their products -text not in the
classroom.”

The coundl is suggesting a num-
ber of safeguards, such as a code of

Hr fff i n »A Baker,

Secretary, yesterday gave a guar-
antee tnl no UK. university
would have to dose through lack
of cash - but declared that pri-
vate money mart play a bigger
part to bunting higher education.

Mr Baker said gtndeate and

employers should have more my

in how public binds wee shared
among adversities, and be float-
ed the Idee of a higher education
“ v o ucher 1 * system.

Under the scheme, students
would receive a per capita sum
from the Government which
would go to the institution of
thdr choke - rather than all
central fendin g bring divided op
by the UntrcreUy Grants Com-
mittee, as at present The more
popular m d v miik a or depart-
ments would therefore receive
more money while the less fa-
voured would be forced to
change, claim supporters of the

agreed by teachers and in-
to regulate the production
and distribution Of enwim^gwally

«pnncnneH teaching wntfarifflff ,

The council also suggests a na-
tional list of what educational mate-
rial is available and how much
propaganda each teaching aid conr
tains.

The report also suggests that the
Office of Fair Trading could be giv-
en extra fawk mid responsibilities
to prepare and fend iwnBimw edu-
cational ma terial.

Classroom Commercials; NCC, IS
Queen AitneV Gate, London SW1;
£2.50.

Fund-raising approved

*

BY TOM LYNCH

CONSTITUENCY liberal partie s
will face large increases in thetr
co nt ri buti o ns to central fends, the
assembly derided by 388 votes to
255.

. Mr Andrew Willis, the party's sec-
retary general, said tire party re-
quired a 1967 income of £700,000 of
which it had to raise £405^)00 from
constituencies. .This., represents
roughly a 50 per cent rise on the ex-
pected constdoency income far 1888
and is double the J985 figtueT
Proposing tiie motion, Mr Chris
Fax, chairman of Che party’s fi-
nance miiwinM wlinfi board.

told delegates: "We have put togeth-
er the campaigning party you have
asked for in resolution after resoLn-
tion at party conferences.” He said
tiie party would have to raise con-
siderably more from constituencies
to keep op its level of campaigning.

Mr Ian Stewart, of Worthing, said
the pro po sa l amnmrted to “a tax on
noniexfatent members." He protest-
ed flmt party headquarters had be^,
ctnhe greedy. Tie and other speak-
ers from the Boor argued that the
money should be retained in the
constituencies, where the cam-
paigning was done.

;eD:

rs;?

A--*

•' - f

NOTICE OF REDEMPTION

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International Finance B.V.

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September 24, 1986

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14

Financial Times Wednesday September 24 1986

APPOINTMENTS

Ernst & Whinney senior partner

Mr Elwyn Ellledge, deputy
senior partner of ERNST &
WHINNEY, has succeeded Mr
Peter Godfrey as the firm's
senior partner. Mr Eilledge
joined Erast & Whinney in
1970, becoming a partner in
2972. He became managing part-
ner in London in 198S and
deputy senior partner a year
ago. *

HELL SAMUEL INVESTMENT

SERVICES GROUP has brought
together its companies in Jersey
and Switzerland to form Hill

Samuel Investment Services
Group (Europe). Mr Tony Pope,
chairman of Hill Samuel & Co
(Jersey), and Mr Fritz Josi, chief
executive of Bank Von Ernst &
Cie AG, have been appointed

e t managing directors of Hill
uel Investment Services

Group Europe. Mr Pope and Mr

worldwide except in the Middle
and Far East Mr Martin Cooper
has been appointed chief
accountant, Hill Samuel Invest-
ment Services Group. Mr Cooper
retains responsibility for unit
trust administration and is being
elected to the board of HDl
Samuel Unit Trust Managers.
Mr Roy Rutherford has been
appointed managing director of
Wood Mackenzie private dient
service.

Hr Peter Morris is appointed
actuary and joins the board of
Hill Samuel Life Assurance and
Gisborne Life Assurance Co. Hill
Samuel Professional Adviser
Services is assuming responsi-
bility for the Middle East
offshore operations where Mr
George Stephens becomes direc-
tor of international marketing.

*

Ms Josephine King, formerly

has become managing director.

At METIER MANAGEMENT
SYSTEMS Hr Paul Ralph has
become group chief operating
officer. After the company’s
acquisition by the Lockheed Cor-
poration in 1985, Mr Rolph was
appointed president and chief
executive officer of Metier USA.
*

At ALEXANDER STENHOUSE
Hr A. D. (Tony) Ashby has been
made chairman and chief execu-
tive of its aviation and aerospace
division. ★

CAPS (COMBINED ACTUA-
RIAL PERFORMANCE SER-
VICES) has appointed Mr John
Clamp Its chief executive. He
became a director of CAPS In
1986 and has been a member of
the three-man executive for the
past year. ^

Dr P. A Know Ison has been

Knowlson was medical director
for II years, before becoming
deputy manning director. Be
succeeds Dr Gordon Hargreaves,
who will remain as chairman.
Dr D. BL Humphreys has been
appointed scientific director,
with responsibility for the
medical, registration and pharma-
ceutical affairs departments in

the UK. ^

Following a financial restruc-
ture. JOHN JUNG & CO
(LEEDS) has made changes to
its main board. The board Is
led by the managing director
Mr Sam Rodgers, with Mr Peter
Balnbrldge as financial director,
and Mr Derek Smart as works
diretcor.

★

ACTION 2000, a wholly-owned
tbsidlary of D. C. Cook Hold-
ings, has appointed Mr Peter

pany as development surveyor in
1985, has responsibility for the
investment portfolio and for. the
acquisition and development of
commercial premises — particu-
larly for the motor trade —
throughout the UK.

' ★

Mr Neil McClure has been
appointed group finance director
of FKB GROUP from Octo ber L
Hr McClure joins FKB from
Saatchl & Saatchi Co, where he
was responsible for UK and
international regional corporate
finance.

*

STURGE HOLDINGS has
appointed Mr Malcolm Butler to
the newly created position of
group director of -management
information systems. Since 1981
he has been group information
systems manager with Lex
Service.

★

At THE NATIONAL HOME
LOANS CORPORATION Mr Ken
Lewis, head of business develop-
ment, has been appointed to the

boasum and Hr Terry Cornish,
head of underwriting a nd mort-
gage administration have been
appointed divisional directors.

*

'i'H AMks CASE has made two
appointments: Mr DavM Thomas

fS appointed ch a i rman and

managing director. Mr Thomas
has ncessively held the positions
of general manager of Thames
Case operations at Purfieet; sales
and markjlng director and
latterly managing director. Mr
Jack McDonald is appointed
commercial director. Previously,
Mr McDonald held the positions
of regional accounant at Thames
Case, Cumbernauld, Scotland
and then commercial manager at
head office, Purfieet

COUNT Y NA TWEST CAPI-
TAL MARKETS has appointed
Mr Colin R, H. Paul as director
responsible for documentation
and marketing services and Hr
Robert Lyddon as manager for
Northern Europe. Mr Caul was
with Swiss Bank Corporation

group's offshore operations CONSUMER PUBLICATIONS, BOEHRINGER

. Dr Southern, who joined the com- Tony Molr, bead of finance and hirers Hanover.

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UK NEWS /

Pressure still on /
pump makers
tougher markets

BY NICK GARNETT

THE UK's pump manufacturers are ing the UK for fourth place in the
having a rough time of it this year, world league table, are c h as in g the
and the outlook for 1987 looks just same markets,
as tough. It's a fight tea survival,” The Japanese, the third-biggest

5.

jhm

.. 3'. * ! j

says Mr Tfcn Glanfteld. chief execu- producers who have trad it i ona lly
tive of the British Pump Manufao- been big exporters of the small
hirers Federation. standard submersible pump, are bo-

lt is a fight which people in the coming increasingly aggressiv*
industry expect most companies to with larger pumps, especially Xtr
wfn Although the British pump in- power stations. The Koreans are «•
dustxy is now less than half the size so making a big play for offshore
of West Germany’s, the world’s sec- platform work around India - a big
ond-biggest producer after the US. potential export market for the UK.

the UK is still fourth in the world

Yorkshire-based

league fofrte with safes last year of Brothers, which makes the bigger
£450m. ranges of pumps from a factory

T rading fl flwditinra are not as se- built only five years ago, says the
veto as the dark days of recession domestic market next year wQI be
in the early 1980s, but the purchase very difficult and overseas no bet-
this month of Henry Sykes by SPP ter.

reflects some of the stresses in the
industry.

Some UK suppliers might have to
keep an extra cardful watch an

The acquisition, still to be con- their operations, but few, except
firmed by shareholders has a post- some of the very smallest, are likely
tive side. It fits in neatly with Read- to fail. Mr John Nutt, SPFs chair-
fog-based SRPs philosophy of niche man, says that even niche m anu fac -
manufocturing . The company will hirers now sell into a broad range
g^ite hands on Sykes specialist de- of applications and in dustr ies,
watering pumps as well as Sykes’ Companies such as SPP are also t
lucrative Wring business Amphagisnig their expertise in put. J

which iwwn*i for 40 per cent of ting together higher value added ■'

the UK hiring market.

However, the porch
aimed at lathmuisafi

“flniri systems” packages including
is a lso engines and control systems. Most
SEP is ' of SPP’s «raaTW basic Una pumps

shutting its Reading factory, west are now manufactured under fi-
ef London, and wifi concentr ate cence in India and imported into
much of its production at Sykes' Europe.

Coleford plant in Gloucestershire, The other reason for believing
cutting 200 jobs from the combined that the industry’s structure will
workforce of 1,350. not alter significantly in the near

One reason for that ratkmalisa- fixture is that even during the 1980s
tton is that the Coleford site is now recession, when pump manufaotur-
oporating at only 45 per cent o f ca- ers* customers were going out of
parity on one shift, and SPP timringm in I>mw>s as mamifaf-tnr .
Pumps, SPP’s main operating arm m g plants shut down, almost no
in the UK, is predicting that its middle or large p ump makers dis-
workbad next year will be only 70 appeared. Weir budded but sur*
per cent of what it was in 1985. vived.

British pump makers suffered There were also few changes of
more than their European campeti- ownership. The most imp ort a nt of
tors during the recession with em- these was the purchase by Dresser

-1- jl a_n? ■ * IM AAA m .* vwi _»tvr _i»_i • Ii _ «.« ...

year some of the markets have tak- Weir.

en bad knocks.

SPP was the subject of a manage-

ItookerMcConnefl, and dodira,

SfblwLk SPP ’ 5 P*””? ““i purchased

rc*?™ ^ Trinity Hathaway. The pumpindus-

try has been ffosh wifoSmours
and other foodstuffs. Many of the ufo rmalrf to

piiii|i Dislurs lire specialists.

Mather and Platt Mr NeO Potts,

The industry this year, has been Mather’s managing director, says
hit by falling demand In a number the rumours are unfoun ded,
of sectors. Hie steep downturn in . Little major restructuring has
North Sea ofl. activity and the dry* taken place in Europe either, the
ing up of big capital projects, expe- most significant development in the
dally in the Middle East, ha_s hit past few years being the acquisition
most European pump makers, but of Piompes Gurnard, the big French
in the UK there have been few manuf acturer, by KSB.
large domestic infrastructure pro- The British pump industry, which

jeds to fall bade an.

includes 37 subsidiaries of US com-

jdoyment falling from 28,000 inl977 of the US of Worthington, the North
to 17,000 now. The industry halted American pump manufacturer

the decline in 1984 and had a rda- which as Worthington Simpson iir
lively good year in 1985, but this the UK tied been half-owned by

UK c ompanie s have become panies and 14 of West German, ae-
more export orientated. Mather and cording to consultants Frost and
Platt, part of the Australian War- Sullivan, is an example of toe way
ma i d group, exports 70 per cent of some parts of UK me chanical engi-
output, for example, and Weir neertng are still playing a agnifi-
Pumps in the Glasgow-based War cant role in world markets, despite*
group 50 pa cent But margins on fragile domestic demand. r

exports are being squeezed tightly. Bat pump manufacturing also
The West German industry, shows toe remarkable size and re-
wbich indud es Ktein. Schanzlin sOience of the West German indus-
and Becker (KSB), by far Europe's try which benefits from 60 per ce nt
biggest pump m ak er with a broad higher domestic dgmpn ri than to
fine of products, and the French, the UK and whose ma nu fa cturers
whose pump makers are chaDeng- dnmirynto its focal mar kets.

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Financial

Wednesday September z* X96o

UK NEWS

chief IKinnock challenged over ‘swing

Qf | to right’ of party’s policies

BY TOM LYNCH AND UQNCL BARBER

MS ERrffiST SAUNDERS, chair-
man and chief . executive of Guin-
ness, the US brewin g and leisure
group, has been accused of con-
tempt of Parliament over his tobby-
.ing of an MP daring Guinness's
jESJfoh takeover of Distflkrs, the in-
denmtional drinks business.

7 Mr M alc ol m Bruce, liberal 15P
for Gordon^ secured an adjourn-
ment debate on the fittareof fte
whisky industry on February 3, at
the height of the takeover bailie in
which Argyll, the
group, was a rival ladder.

Mr -Brace has written to Mr Ber-
nard WeatheriB, the Speaker (chair-
man) of the House of Commons,
rlafmiwg flirt Mr SWM M W f? as-
sured hmi that Guinness would set
up a gro up G ufamess -Dis tfller s
h eadquarters if it won control of
Distillers.

Mr Bruce says in his letter: *1 fed

1 have hecm wflftiTTy Tmclnri and he.
fieve that Mr Sa und er s is effective-
ly in contempt of Parliament”

Guinness dismissed the allega-
tion yesterday, saying it had repeat-
edly emphasised its commitment to
set up a group head office in Scot-
land. The pledge was contained hra
circular to shareholders, along with
a revised board structure, which
was cmerwhefanlngty approved at
an extraordinary general meeting

Mr Brace takes the view that
Guinness him v n tewH down its
original promise, a view shared by
other Guinness critics in Rwn U m vi

Yesterday, Mr Brace said tint Mr
Saunders had visited him twice in
his office and telephoned several
times, expressing ms assurance in
strong terms. He says in the letter:
“In the ti g ht of tiik' iiif n fm rtipn giv-
en to me in good faith, I modified

the views I ww^ otherwise have
expressed in the debate and re-
frained from endorsing the Argyll

bid, .even .though I had Imti raM
outside the house that, an balance, !
would have pre fe rred it.

"1 know that Mr Saunders was al-
so strenuously involved in lobbying
other Scottish MPe-in similar vein
and p mumaMy te Mhot . It
is. of cour se, hn poagiMe to say
whether a st re n u ous and co-ccdi-
natwfl parfiameratoy Qg m pt ti g D in
support of the Argyll group would
have materially affected the out-
come, but dearly Mr Saunders was
sufficiently concerned about this to
try and head it off.”

If the Speaker considers that a
case has been made, he can refer it
to the house. However, previous
complaints have not made progress
by simply showing that an MP was
influenced to change his or her
mind - it is usually necessary to
show that seme form of pressure or
inducement was used.

Once the Speaker puts a com-
plaint before the bouse, MRs can
vote to refer It to the c o mm i t tee of
privileges. K the committee finds
an individual in contempt, he or she
can be summoned to appear before
the house or issued with, a rebuke.
• Gutonass is still proceeding with
a damages writ for iwpwiai* false-
hood «nd defamation fjdnrt Ar-
gyll, Mr James Gulliver, its chair-
man, % fhamriwl advisers Bmumri
Montagu, Noble Grossart and Char-
terhouse Janhe t its advertising
agenpy, Saatchi & Saatchi, and its
public relations advisers. Broad
Street A mqeUtt a. The action cen-
tres on several Argyll advertise-
ments published during the bid bat-
tle.

Khmock, the Ubour Party lead-
er, for moving to the right on
party policy is made by Sir Erie
Heffer, the former party ehatr-
man, m a book to be published
tmaomw.

Sfii critiri s m tan ei as the La-
ten' Party prepans lor toimw-
al cnimon in Blackpool next
week Mr Heifer, a left-winger
who b MP for Wdtoa (Liverpool)
and a member of the party’s na-
tional ex e c utiv e, stalled off the
phdfsnn at last year’s conference
when Mr Kfamodk nude Iris
speech attadriug the Uverpool

b Ms beak, labour's Futon,
he debus that store the last par-

BA helicopter
unit sold
to Maxwell

- By Mich— I Dome

BRITISH AIRWAYS has add its
helicopter subskfiaiy, British Air-
wqys Helicopters, for QX5m cash,
to a company jointly owned by Ur
Robert Maxwell and his family and
the Scottish Daily Record and Sun-
day Mail, a subsidiary of Mr Max-
wells Minor Group Ne ws p a p e rs . .

The purchasing company is SDR
Helicopters. Agreement In principle
far the sale was announced in May.
The Secretary for Transport, Mr
John Moore, has approved the deaL
He company is to be called Brit-
hh international WoHw y twwt awl
will retain its licences. ..

British Airways will continue to
provide certain engineering and
other services to the company.

3Se new owners have given 20
per cent of the shares to a trust set
up for the benefit of the staff and
management of the company.

ty conference with Mr Khmocbfs
“grossly unbar and and speech*
an atmosphere of witch-hunting
lrndtroloped fa (he party.

The truth of die matter is that
the right of file party had got the
Mt between its teeth and whether
it is Eked or not the left will be
witch-hunted in mr-frideahig
eireles. Nefl Khmock’s speech

r i a green Ught to aQ those ou
right wing who wished to ear-
ly out a kit-wing puree."

Mr Heffer cempbtos of the
move away from the concept of
imaflonaBsstfam and says that
Mr Khmedrt "dramatic
•a public ovmerehip b under*

into a n o ther SDP (Soda! Demo-
cratic Party), a party which, al-
though retaining a written so-
cialist constitution, finds it b in-
creasingly bring ignored,” he

Many Mends and alEee ef the
SDP had stayed behind in the
libnr Party and wen now hi

^Vbat we are witness !- % today

Cabinet They were c o n stan t l y
unking it dear tibat the they did
not approve of many Labour pol-
icies.

“They are dang ero us because
(hey make real the possflrifity
that the Labour Party eooU
move towards SDP Hark Q type
of poBefes,"hesays.

Bakers meet half-baked
ideas on bread values

BY FIONA THOMPSON

BAKERS are being thwarted in
their bid to supply Britons with,
their daily bread by false
about its food value.

Too many people think that
bread - especially the white sort -
t« faflwnng mid tiww nn goodness in
it, according to the findings of a na-
tianwide survey based on GaDnp re-
search and endorsed by the Hratth
E dn ca ti ou Crn trust

A report yesterday from the
Flour Advisory Bureau makes
dear, howteuer, that breed of all
types is one of the most useful
sources of .energy, protein, dietary
fibre v itamins and miner als.

Nine out of 10 Britons eat bread
every day, and more than half of

them describe it as a favourite food.

As a nation, however, Britain is bot-
tom of the European bread con-
sumption f ybto- The a v e ra ge UK
consumption ia 9fl loaves per person

per year, compared with 178 loaves
in Italy winch has the highest Euro-
pean consumption.

The bureau says that a quarter of
those who believed that bread was
not beneficial would eat more edit if
they thought it was nutritious.

Flour Power - The Bread and
Flour Report 1986, published bp the
Flour Advisory Bureau. Copies of
an. information leaflet on the mate
findings available from Paragon.
Communications, 142 Wanbntr
Stream London W1V3AU.

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16

Financial Times Wednesday September 24 1986

THE ARTS

Kafka/Royal Court

Barry Humphries used to
Perform a cocktail party sketch
in which eveiy other word was
“Kafkaesque". His target was
pretentious critical shorthand
allied to the incongruity of
Kafka's distended nihilis m as a
subject for spiking on sausage
sticks. Alan Bennett takes the
approach much further in his
brilliant new play at the Royal
Court, Inserting Kafka and his
champion and biographer. Max
Brod, into the suburban lounge
of an insurance man who is
compiling an article on (as he
is variously described) the
Czefih Checkhov, or the Prague
Proust.

The play opens, a few years
before Kafka's death, witb the
tubercular writer delivering his
famous incendiary Injunction to
Brod. Brad's reasons for not
burning ail the stories, novels
and diaries, were given in a
post-script to The Trial, and
Bennett interprets Brad's deci-
sion as more than a literary
rescue act Brod is hitching his
wagon to a star, entering the
realm of possessive righteous-
ness that afflicts so many
biographers and specialists.
None the less, the truth is that,
without Brod, Kafka would be
an unpublished nobody.

The prologue toys with these
vanities: Brod predicting the
Nazis’ bonfire of Brecht, Mann,
Gide, Proust, Joyce ... not
Kafka, perhaps because he was
not worth burning? No, because
he was already burnt by Brod.
The writer shivers and curls
up, complaining to Brod that
he dreams the future. The
future Is an insurance clerk
adding another tome to an
industry that already includes
an American thesis on Kafka’s
small penis as the root of his
sexual insecurity and father-
hatred.

Bennett's eponymous member
also raises various points about
the process of critical bio-
graphy and literary criticism.
The insurance man's wife Linda
knows that Kafka shared his
shortcoming with Scott Fitz-
gerald, that W. H. Auden never

Michael Coveney

wore underpants, that E. M.
Forster's "Mr Right" was aa
Egyptian tramdriver. "The bits
in between ” are incomprehen-
sible, but she gropes towards
them in a series of touching
encounters with Kafka on the
sofa.

Keanwhile the pedantic
Sydney, ticking off coincidences
and anecdotes, is trapped by the
lure of fame and the possibility
of re-writing the fatber/son
relationship. Act One closes
with Kafka's shopkeeper father,
in the coarse and threatening
shape of Jim Broadbent ("I
kept Prague In suspenders"),
arriving to tamper with Us
reputation, and Kafka is placed
in the dock, on trial because
somebody must have been tell-
ing lies about his intimate
measurements.

Bennett has already written
about Kafka in his BBC TV
play The Insurance Man
(directed, as is Kafka's Vick,
by Richard Eyre), presenting a
sleek reptilian accident claims
clerk told by a young dyer whose
skin has been eaten away that
if he understood the problem
and didn't help, he was wicked.
Kafka grinned. Now we have
the tortured evasive artist of
the writing; in other words, the
Kafka we expect to see. Roger
Lloyd Pack gives a portrait at
once funny and ridiculous,
shoulders hunched as if he
might take flight with a flap of
his wide lapels, a long sclerotic
wrist half-shielding his eyes
and temple from the glare of
adulation and misinterpretation,
warned half to life by the
mundane attentions of T.irwtn

Unlike Tom and Via on this
stage (a good example of con-
tentious, belittling biography)
Bennett has nothing to “ prove ”
about Kafka. His case is a para-
digm for how we confront repu-
tation in the arts, how the artist
confronts his own fame. And
Richard Eyre’s production,
ingeniously designed by Wil-
liam Dudley, maintains a careful
balance between the hard-
headed and the surreaL The

grey Prague-aess of Kafka
seeps into the lounge where he
is first manifest in the shape of
a tortoise (symbolically, Brod,
caught short at the front door,
has urinated on the tiny
reptile).

This box set is magically
transformed into the celestial
equivalent of Barry Humphries's
cocktail party, with Brod as the
Recording Angel and Kierke-
gaard talking to NoSl Coward
(“They’ve got a lot of ground
to cover”). This finale is not
quite right— Bennett has done
other and better jokes about
the Woolfs and Bertrand Russell
— but at least it leaves Kafka
confirmed in bis view that
heaven is going to be helL

I admire the limpidity and
grace of the writing, although
there is a lower strike rate of
laugh lines than yon might
expect in a Bennett play. Most
of these come from Andrew
Sachs's dapper little Brod, a
Jewish agent in the first place
desperately trying to keep his
client happy by removing his
books from Sydney’s shelves.
It is hard to see why Alison
Steadman's gloriously perfunc-
tory ex-nurse should have mar-
ried the much older plodding
insurance man of Geoffrey
Palmer, but Mr Palmer com-
pensates for low premium cast-
ing with a high-yield interest
bonus.

Finally, as in so much of his
work, Bennett is writing about
domestic relationships across
unbridgeable Chasms, and the
impulse to record them fa
theme in the seriously under-
estimated Enjoy a few years
bade). Sydney’s old father
(Charles Lamb) is expecting
not the Kafkas but the health
authorities. He is off to a home
unless he can make sense in a
general knowledge quiz; as he
says at the end, 14 You cant put
me away when Tm in touch
with the latest developments
in Kafka studies. " Kafka's
mother (Vivian Pickles) is the
only unsatisfactory character
in an evening that is as intelli-
gently provocative as it is
thor oughly entertaining:

Television/Christopher Dunkley

English as she is spoke on screen

If you were looking for a con-
tender for the title “ least
promising idea for a television
series " The Story of English
might win. Yet the opening
episode of BBGZ’s nine-part
series on Monday suggests tihat
tins may well be one of the
biggest ifits of the season, In
terms of prestige if not ratings.
The sheer epeed with which
English is becoming the lingua
franca of fihe world— whether in
science, rook music or air traffic
control — is in itself fascinating,
The trouble is that the idea
still sounds more suited to radio
than television. The danger
would seem to be of ending up
wkfti one of Chose “script and
wallpaper ” series in which
everything of significance is
contained in the commentary
and the pictures consist of
“wallpaper’ 1 ; library stock of
aircraft -taking off, crowds cross-
ing bridges, dancers in national
costume.

But Episode 1 banished aid
such fears. First they have an
excellent presenter: Robert
MacNeil, who was a Panorama
reporter in the sixties and now
co-anchors The McNeil-Lehrer
Newshour, the best current
affairs series in the USA. And
second, even though the subject
would be well suited to radio,*
producer William Cran has
found visual material which-
greatly -enriches his pro-
grammes; India’s freelance
scribes sitting at their old type-
writers, an African leader in
national dress declaring his
country's African-ness — in
English — a sample of the 250m
Chinese who follow Kate
Flower's English lessons on
television, and so on.

Episode 1 was a wonderfully
engrossing and entertaining
documentary which seemed to
tell the whole story on its own. *
*

King And Castle, ITVt in-
tended replacement for Minder,
has a long way to go if it is ever
to match the appeal of the
Arthur Daley /Terry MacCann
stories. You can see the effort
being put in: the build-up of the

Robert MacNeil:
model presenter
ineffectual-looking character
who -turns out to be a wyn-fl n j
arts expert (the 1954 movie
“Bad Day Ait Black Rock ” did
it even better); the contrast
between this oh-so -honest naive
hippy named Castle and the
oh-so-devious bent ex-copper
named King; the sub-plot involv-
ing Castle’s legal battle for
custody of his child, and so on.

But the very fact that you can
see the effort counts against the
programme. It looks contrived.
Iii the best episodes of Minder,
notably those written by Leon
Griffiths, the humour and the
very narrative emerged from
within the characters. It was
clear that Griffiths did not see
his cockney duo as wholly lover
able bundles of -fun: on the con-
trary, Arthur was a coward —
not only in a comic sense either
— and a racist and Terry was a
less than admirable wo manise r
who lacked the moral fibre to
make something of his life.

It seems that King and Castle
Is anxious to capture a similar
sense of real-life complexity,
but it cannot be done by chuck-
ing In odds and ends— four
ounces of ruthlessness, two
ounces of pathos, and moral
fervour to taste— as though yon
were making a fruit cake.

Minder was, of course, far

from being a smash hit when It
began; Thames bad to persevere
with it, but they did start from
a very sound base. King and
Castle starts from a much less
Impressive foundation, so even
more perseverance will be
needed.

*

On television these days,
people get away with breathtak-
ing lies, provided they are told
in the cause of feminism or
anti -racism. Zipping through a
tape of BBC l's Black and
White Media Show I happened
to stop at a point where the
claim was being made that tele-
vision provides no black role
models. This was just one
among a whole duster of unsup-
ported assertions (for instance
that Africa only gets onto the
news when there is a coup, a
war or a famine and that this
is a hangover from colonialism,
as though news programmes
treated Greece or Chile any
differently).

Bid; it stopped me in my
tracks and made me wonder
whether the speaker had
honestly never seen any of the
regular television appearances
of comedians Lenny Henry and
Gary Wilmot, sportsmen Daley
Thompson and Frank Bruno,
news readers Trevor Macdonald
and Moira Stuart, children’s
presenters Derek Griffiths and
Floella Benjamin. -American
stars Robert ' G uillaume and
B. A. Bara cos (Benson and Mir
T. respectively), sportswomen
Judy Simpson and Fatima -Whit:
bread, singers Shirley Basse?
and Tina Turner, actors Art
Malik and Saeed Jeffrey, enter-
tainers Kenny Lynch and Rusty
Lee, or cricketers Clive Lloyd
and Yxv Richards.

Does the speaker never see
the profiles of black people in
arts programmes such as Omni-
bus 'and the South Bank Show?
Last week Omnibus was devoted
to black opera singer Jessye
Norman. Do none of these
people count . as Mack role •
models? Would it not be both
more encouraging and more
honest to say that — in a country
where 96 per cent of the popu-

Lehny Henry: blade role
model

lation is white — Hack people
seem to be doing splendidly
well on television?

★

Much comment has followed
the departure of Brian Walden
from Weekend World and his
replacement by another former
MP, Matthew Farris. Would the
programme have to change?
Would Parris prove tough
enough to take on the mantle?
Would the political interviews
.at -Sunday lunchtime stQl com-
mand as much attention in
Monday's newspapers? Would
Parris sustain the habit of
accentuating irrelevant conjunc-
tions and illogical syllables?
Above all, would Parris have
Walden's astonishing ability to
say 'Now let me be- quite dear
about this Prime Minister, you
are Baying—" and then add a
paraphrase of previous state-
ments which la both accurate
and devastatingly revealing?

Some answers are already
dear. First, Parris Is blissfully
free of both speech impediments
and pronunciation quirks.
Secondly, the . disproportionate
space given to reporting WW
interviews has far more to do
with the transcripts so thought-
fully provided by London. Week-
end Television and the paucity

of other material reaching Fleet
Street newsdeska on a Sunday
than with the inherent value of
WWs material, and there is no
reason to suppose that will
change.

Furthermore the style aud
pattern of the programme as a
whole seem set forever in con-
crete. Within the Industry WW
is famous for its approach: you
start by deciding what you want
to say, go out and interview
people until they say what you
want— shooting the same inter-
views over and over again if *
necessary — and then pufjk

together your “Janet and Johc("
introduction in which all sub-
jects are approached from first
principles. Monetarism? Start
with cowrie shells. Motor indus-
try? Start with the wheel. The
Alliance? Start with John
Stuart MOL The result may be
attractive to bright, studious
prep school boys oi dim, idle
polytechnic students. For adults
with their own ideas it is
usually deeply irritating.

★

Television is blamed for
numerous social ills — juvenile
delinquency, bad language,
acquisitiveness — but rarely
praised for its benefits. One of
the greatest of these, surely, is
the way in which natural his-
tory programmes have brought *
to .millions of viewers an under- Jft
standing of the lives of wild
animals which, to previous gen-
erations, were either completely
unknown or a great mystery. On
a single evening this week
(Sunday) the BBC showed 55
minutes of fascinating footage
about birdlife at the north and
south poles in the first episode
of Birds For All Seasons and
later 25 minutes about badgers
and pine martens in a repeat of
Discovering Animals (which
included an astounding picture
of Tony Soper opening a kitchen
window to feed a pine marten
from his hand). If the green
revolution and the animal pro-
tection movement do manage to
nullify some of man’s nastier
depredations in the natural
world they will have much to
thank television for.

Roger Lloyd Pack as Franz Kafka

AlKItf Mill/

Falstaff, Ariadne auf Naxos/Opera Northern Ireland

Max Loppert

Opera in Northern Ireland
used, not very long ago, to lead
a precarious existence. Venues
were various, seasons exiguous,
conditions mi occasion trying —
a colleague who is a regular Bel-
fast visitor recalls one early-TOs
performance of Faust given in a
domes and tour times inter-
ruptedly bomb scares. But local
enthusiasm persisted through
the darkest difficulties, and in
1980 it was given a boost by the
re-opening of the Belfast Grand
Opera House, one of the most
beautiful and fascinating of
theatre designs by Frank
Match am, which the Arts
Council of Northern Ireland
bought and restored.

Then last year the situation
was put on a more secure and
permanent footing: the stalwart
Northern Ireland Opera Trust
and the amateur Studio Opera
Group were amalgamated.
Opera Northern Ireland is the
offspring — a new administra-
tion plumed with the purpose
of achieving aa much with
opera and local resources
(including singers) as funds
will allow. Small-scale tours
of the province stand high on
the roster of duties; Belfast
performances are given in
partnership witb the Ulster
Orchestra.

For its artistic and musical
director the company has had

the good sense to secure Ken-
neth Montgomery. Belfast-born
and seasoned at Glyndebourne.
he has become one of the most
capable and reliable of British
opera conductors. The eight-day
Belfast season currently in pro-
gress Is his first. No doubt it

would be rash to attempt to
glean too many portents from
the two premieres oi the Verdi
and Strauss works that make
up the bill. But their choice
was releaving — Falstaff and
Ariadne auf Naxos, two of the
most demanding ensemble
operas in the repertory. . (To
judge from the empty stalls
seat^ep^jFriday and Saturday,
they are also a fait rarefied for
Belfast taste.) In both, secure
musical execution was a notable
feature: it boded very well for
future Montgomery initiatives.

Surprisingly, perhaps, it was
Ariadne, trickier of the two,
that came off with greater
ensemble confidence. It was
given in English, whereas Fal-
staff was sung for the most part
in a fractured gabble alleged to
be the original language. More
important, the chosen style of
Ariadne seemed to mesh with
the potentialities of cast com-
pany, and situation — the “ feel ”
of the work, in a theatre of
exactly the right size, was
freshly communicated. With
Tim Reed as his designer, the
producer Seamus McGrenera
(also from Belfast) had devised
a light-fingered manipulation of
activities— where he ' embel-

lished on the copious detail of
Hofmannsthal’s libretto (as in
the introduction of the Com-
poser to the second half), a
sense of acute sympathy with
the purpose of the original kept
untidiness or nudging at bay.

Strauss’s disquisition on Art
and Life is also (until its gran-
diose dosing duet ) a. glorious
.entertainment. Tbere^Was * lot
of fun in this Ariadne; and; be-
cause, a reconciliation of the
previously-warring ' buff a and
seria parties had been integra-
ted into the end of the Opera,
the vitality of the performance
did not collapse in vocal bom-
bast, as it all too frequently
does. Here likewise Mont-
gomery’s firm pacing was a great
help; no less so the welt
schooled, increasingly radiant
Ariadne of Rita Cullis, ably
partnered by Kenneth Woollam
as Bacchus — Miss Cullis is
maturing into one of the most
authoritative and confident of
British sopranos.

The gem of the performance
was, however, the Composer of
Eiddwen Harrhy. The singing
was not meltingly beautiful but
it was finely shaped, and the
portrait of a passionate youth
was irresistibly charming. Nan

Grant for deaf
percussionist

The Arts Council has given
Evelyn Glennie, the young deaf
percussionist, a grant to enable
her to study with the marimba
virtuoso Keiko Abe in Japan.
The grant is from the Henry
and Lily Davis Fund.

Mitchell and Fielding
in The Miser*

Warren Mitchell and Fenella
Fielding are to star in Holiere’s
The Miser at the Birmingham
Repertory Theatre from Novem-
ber 4-29. The play will be direc-
ted by Christopher Fettes.

Christie’s attractive Zerbinetta
(not in best voice) led a de-
lightful harlequinade (Geoffrey
Dolton and Alasdair Elliott its
outstanding members).

In Falstaff the ensemble had
not yet cohered to quite the
same degree. Christopher Ren-
8haw*6 production, tiwingh it
avoided the grosser mtrusiana
of farce to which this opera
falls prey, is rather too r pert
and bouncy for my taste — the
disguised Ford (Peter Knapp*
spends much time cavorting
and crouching up on a table,
and tor the finale fugue the
company bump in and out of
wood-pannelled doors. There is
some weak singing in the lesser
roles (the trouble with tills
opera is that Verdi wrote even
Dr Cains’ part for a singer with
a soundly-based technique).

But there Is one inspired
stroke of casting: Claude Cor-
bell, a leading Canadian barl
tone not widely known outside
North America, shows us a Fal-
staff deserving of comparison
with that of the late Donald
Gramm (high praise!), one
whose vigour, potency, and foxy
charm have not been wholly
obscured by the paunch and the
wrinkles. Hr - Corbeil si n g s
Verdi very well Helen Walker’s
Alice is handsome, spirited, not
always vocally steady; the Fen-
ton and Nannetta of Patrick
Power and Mary Hegarty (a
pure, charming young Cork
soprano) are touching and
graceful. And, when all criti-
cisms have been duly made,
this, too, is a performance in
which a young company . can
take pride.

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Danish companies?”

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Arts Guide

Mutfc/Monday. Opm and BaBat/Tuesday. Thaate/Wadnes-
day. ExtoMHona/Thuradey. A selective guide to ah the Aria ap-
peals each Friday.

Theatre

TOKYO

Borneo And Md (in Japanese), an
important new prodaetjon directed
by iiitw im tinnnlly Imn n KflhnVri fr .

mnlp impersonator. Tamasabtiro
Banda, starring Hiroyuki Sanada
and others. S unriiina Dceb-

ukuro (887 5281).

NEW YORK

Cats (mater Garden): StQl a sellout,
Trevor Nunn's production at TJS. El-
liot’s children's poetry set to trendy
musk is visually startling
cboreographicafly feline , but classic
only in the sense qf a rather staid
and overblown idea of theatricality.

42nd Street (Majestic): An Im m o d e st
celebration of the heyday of Broad-
way in the *308 incorporates gems
from the original film lihp Shuffle
Off To Buffalo with the appropri-
ately brash and leggy hoofing by a
large chorus line. (877 9020).

A Chorus line (Shubert): The longest-
running wti«iw«l ever in America
has not only supported Joseph
Papp's Public Theater for eight
years but also updated the rmmieal
genre with its backstage story in
which the wynga are ny»d nc audi-
tions ra ther than emotions.

strength of its word-of-mouth popu-
larity £cxr the two oldsters on Centeal
Park benches who bicker uproar-
iously about life past, present and
future, with a fumy plot to match.
(2396200).

Big Bluer (OTfaill): Rogv Umar's mu-
sk rescues this sedentary version of
Hock Finn’s adventures down the
Mississippi, which walked off with
many 1885 Tony awards almost by
default. (2460220).

The Mystesy of Edwin Draod (Imperi-
al); Hupert Holme's Tony-winning
resurrection of the mtfhdchad Dick-
ens c l assi c is an ingenious wwgkal
with tssusk-hflQ tones where the au-
dience picks an rating (239 6200).

CMCAGO

ftnnp Bojra and Dinettes (Apollo Cen-
ter): Facetious look at country music
and down-home country life with a
good beat and some memorable
songs, especially one played on krt-
chcn utensils has proved to be a du-
rable Chicago hit (835 6100).

LONDON

September 19-25

ter Wood's mimWngjy respectable
production. (928 2252).
lead Me A Tenor (Globe): Fresh and
inventive oper at ic fame by new
American author Ken Ludwig set in
Cleveland. Ohio in 1934. Dennis
Lawson and Jan Francis lead an en-
ersetic comnanv in mistaken Iden-
tity ramp, while Verdi’s OteDo car-
ries on re g ardless. (437 1992)

When We Are Married (Whitehall):
Matchless comic playing bom an aD
star cast in Priestley's comic war-
horse about silver wedding anns-
- versaries undermined by an incon-
venient revelation. Bill Fraser is a
drunken Faistoffiaa photographer
and the couples are led hy Timothy
West and Prunella Scales. She 1930
theatre has beat beauflifully reno-
vated. (030 7765).

Noises Off (Savoy): The funnie st play
for years in London, now with am
im pr oved third act Michael Blake-
mutes brilliant dir e ction of back-
stage shenanigans on tour with a
third-rate farce is a key factor.

La Cage anx Folks (Palace): With
some tuneful Jeny Homan songs,
Harvey Fierstem’s adaptation of the
French film manages, barely, to cap-
ture the feel of the sweet and fattac-
knis original between high-kiddng
and gaudy chorus numbers.
(7572828).

Fm Not Rap popor t (Booth): The
Tony's best play of 1988 wan on the

La (kgs Am Folks (Palladium):
George Hoarn a welcome star along-
side Denis Quilley in the transves-
tite show for all the family. Weak
second act, less than vintage Jeny
Herman score. The show has not
travelled well from Broadway.
(437 7373 (CC) 734 8981).

DuUanoe (Lyttelton): Tom Stoppard’s
new version of Schnttater’a Liebatei
is B crashing db mjyn l ntin« m t only
partly redeemed fay Brenda Btethyn

as the rained working girl A thealr
ricahsed travesty of the work adds
to the confusion of middle-aged ac-
tors playing boyish dragoons in Fa-

4 tod Street (Drury Lane): No British,
equivalent has been found for New
York’s Jerry Orbech, but David Mer-
rick's tap-dancing extravaganza fans 1
rapturously received.

i Victoria):
roflerekafr-

Andrew Lloyd We

movie magic, an excitmg first
imH a dwindling reliance on
indiscriminate rushing around. Dis-
neyland, Star Ware and Gats are all
influences- Pastiche score nods to-
wards rock, country and hot gospeL
No child is known to have asked for
Ms money back. (8346184).

Pick of the Fringe/Donmar

Martin Hoyle

The autumn nip sends the
swallows south and brings the
cream, of the Edinburgh Festival
fringe in the same direction.
Yet again Perrier perform their
more or less philanthropic act
of sponsorship for a three week
season at the Donmar Ware-
house in. Covent Garden- High-,
light of tire heart fortnight wrtf
be Eileen Nicholas's acclaimed
stfio in Fraihz Kroetz’s Request
Prograntme. ’Ihe feminine trends
continues with notable funny
women being respectively rude
and raucous in late-night pro-
grammes on selected dates:
Jenny. Lecoat and Ruby Wax.
Meanwhile the season kicks off
with .the Perrier Award Winner
itself: another solo, but male,
Irish and — with due respect to
those believers scandalised by
noTtrayal of God as a
harassed executive making
computer errors— inoffensive.

Intimate Memoirs of an Irish
Taxidermist is written and
directed fay the Canadian
Marcia Kahan whose radio work
has been praised in these pages
by my colleague B. A. Young.
Off-beat, zany, amiably incon-
sequential, it casts oblique but
sharp glances at Irish values
and preoccupations : — not to
say fixations. It takes the form
of an autobiography of Ben
Keaton (the actor’s own name),
the “ struck-off taxidermist ”
who started with a stick insect,
was left with an urge to offer
sugar to girls after horse-loving
Father Nolan's fumbled
explanation of sex, felt a
(religious?) burning on his
head in church one Sunday,
fled from home when he
realised his mother wanted to
stuff him (as in taxidermy),
and imagines his own death,
funeral and meeting with the
Creator.

Whether dishing out bags of
sweets as forfeits-in-reverse (for
“ impure thoughts ” or “ for the

affair you had to Michael ”) to
strangers in the front row-
high-ranking executives of
Perrier — Mr Keaton displays a
gentle charm shot through with
a sly knowingness that I hope
he will develop. As yet he
lacks the punch to make the
most of Ghandi or .Kennedy
1 impersonations; his talent
.seems, td lie, with observation
transmuted into ~ mad ' logic, as
when he traces h map of Ireland
on bis profile, siting Kerry on
his chin and Cork under his ear.

The effect Is cumulative. By
the time he is joined by a brace
of colleens in Irish dancing,
including a number performed
horizontally prone on the floor,
feet waving in the air, a peculiar
but unmistakable talent h as
made its mark.

The mid-evening show is Jon \
Gaunt's Hooligans, a Fringe jf
First This study of three uiu*
likely friends, a deserting:
soldier, a mindless near-
psychopathic skinhead and a
cindaste who records Barry
Norman on the video, likes
Godard and expounds the value
of vegetarian food, is put over
with embarrassing energy. Not
a cliche fo allowed to go by in
decent obscurity, all is
hideously emphatic, notably the
soldier’s improbably account of
seeing his reflection in the
“ tear -wet eyes " of a young
Axgy in the process of twisting
his testicles and kissing him on
the cheeks.

Despite a dance where the
three strip to their pants and
spray beer over the front row.
the effect is of a solemnly-
dramatised slice of Open Uni- *
versity sociology — except that Ji
the bitter deserter with the
awakening social conscience *
seems unaware that the media
pulp diet he so despises extends
further than Cilia Black and
The Price Is Right.

Talk To Me/New End

Claire Armltstead

Hampstead’s New End
Theatre, extensively refur-
bished and with a season of
concerts already under its belt,
makes a promising bid for a
corner of the London fringe
with William Humble's play
about psychoanalysis. Talk To
Me.

The former mortuary has had
its ups and downs since Its
original launch as a theatre in
1974; successive managements
have failed to make It pay, des-
pite some notable artistic suc-
cesses. Now In the ownership
of international tax consultant
Roy Saunders and his wife
Sonia, h boasts an intimate
acoustic and easy viewing from
steeply raked seating.

This strong first production
from the _ new comp any
Southern Lights is compensa-
tion for such minor discom-
forts. Wisely, the ttyo founders,
one of whom— Wyn Jones—
directs, have decided to think
big. with Alan Dobie topping
the bill, and a play that has
already proved its mettle on
television.

Talk To Me takes a fairly
ambiguous look at the effect of
psychoanalysis on a young
couple: Matthew who. smitten
with depression, becomes a con-
vert to the analyst's couch and

bis wife, who disco
the baby" she has moth
“■s found other ears for
troubles.

As Matthew’s self-aware

g ows. the marrisge wither
not light entertainment,
»t is suffused witb the <
numour of desperate embar
ment, focused on the rela 1
rhip between Alan Do
analyst, a pillar of unmw
Ll r i el *i unspeatring Intel
and Robert Daws’ MatU
pushed in reaction to becor
gawldsh schoolhoy. by t
giggling and sullen.

The setting for " their
limitations, designed by 1
ttoa Stephenson, is an ii
ffuhng mixture of
naturalistic and the abst
On one side of the st
consulting-room furniture;

ti’e sky blue fa
cloth is echoed by a iigsav

assembled during the play
bed and couch. r

■ 11 leads dept

inevitably on whether anal

«*lieve in the™u!
Psychoanalysis. By the <
Matthew and Julia — unsc
KSE5 7 Portrayed by Ama
stand tentatively

UUOMh^° ld 0f <* “»

I

17

,<V < * •

v* .,* \>y

' K.. II". • ■*•

"Ybu hear a lot these days about the clashes between investment and commercial bankers. At
Chemical we are more impressed with what they have in common. In fact, what is conspicuous at our
bank is that both are busy learning each other’s skills.

Our commercial bankers — trained to become experts in their clients’ businesses and to make
the tough decisions to commit the bank’s funds— are now employing a wide range of new
transactional techniques to supplement traditional commercial loans.

At the same time, our investment bankers have learned to use the capital and global network
of a money center bank to bring new muscle to their transactions. They’ve introduced new ways of
addre ssing customer problems and are constantly inventing more solutions. In the process, they’ve
formed broad relationships with our customers.

In short, our bankers are even better prepared today to anticipate changing customer and
market requirements. Management at Chemical is also committed to this change: By making both
commercial and investment bankers business partners. By giving both performance incentives tied
more closely to transactions. By rotating assignments at the bank. By locating one of the most
sophisticated global trading operations right at our world headquarters.

At Chemical, wete not just helping two different f% u _ PJ _ _ __

kinds of bankers work together; Vfe are, instead, creating

s omething new; a banke r with the skills of both. Thfi bottom llTIG is SXCGUcIICG.

(1

18

Financial Times Wednesday September 24 1986

FINANCIAL TIMES

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY
Telegrams; Rnanftmo. London PS4,Telex: 8954671
__ Telephone: 01-2488000 ’

Wednesday September 24 1986

Bad day for
the Alliance

THE liberal Party’s vote in
favour of a non-nuclear defence
policy was being politely des-
cribed in Eastbourne last night

as an embarrassment for Mr

David Steel, the Party leader.
With the best will in the world
it looks rather more than that
It was a serious blow to Mr
Steel's authority and cannot
fail to have a damaging effect
on the Liberal-SDF Alliancg as
a whole.

The Liberal leader had identi-
fied himself closely in the past
few weeks with the defence
policies advocated by Dr Owen
and the SDF. These Included
the possibility of a successor
to the Polaris nuclear force if
there is insuffic ient progress on
arms control. They also paved
the way for further talks with
the French on nuclear coopera-
tion. They were endorsed by
the SDP Conference in Harro-
gate a week ago and it looked
as if the Alliance was finding
a middle course between a
Labour Party which wants to
get rid of nuclear weapons
altogether and a Tory Party
which is committed to replacing
Polaris with the expensive and
more powerful Trident system.

Mr Steel's defeat'puts all that
in jeopardy. It is true that it
was by a margin of only 27
votes out of an assembly of
about 1.900, but it is also
notable that some of the most
powerful speeches against the
retention of nuclear weapons
came from Mr Steel’s fellow
MPs — Mr Simon Hughes, for
example. The vote cannot be
simply dismissed as the Young
Liberals and members of the
Campaign for Nuclear Disarma-
ment taking over the assembly
from the floor. The division
split the party through and
through.

Arm’s length

It is also true that in his
capacity as party leader it is
Mr Steel who decides what goes
into the election manifesto. Yet
it would risk a rift of enormous
proportions to defy the

Assembly entirely. At the best
he is going to have to start
fudging or, as he said after

the debate, put rather more

emphasis on disarmament and
rather less on defence. Fudging
was something that the

Alliance was not supposed to
do, or perhaps that applied
only to the SDP wing.

Dr Owen will be disappointed
but not entirely surprised by
what has happened. He has
been criticised in the past for
keeping his party’s relationship

with the liberals at arm's
length and for discouraging a
merger between them. At the
back of his mind there was
always a suspicion that too
modi of the Liberal Party
looked too like the Labour
Party he had left. Who is to
say now that he was completely
wrong? Indeed the Liberals
yesterday were fightin g the
battle over nuclear weapons
that dogged the Labour Party
for years, and it should be re-
membered that it was only more
or less resolved on the Labour
side by the decision to cease
to be a nuclear power.

Hopes fulfilled

Labour and the Tories will
be laughing. Not only has the
possibility of the Alliance com-
ing through tiie middle with a
credible defence policy been
much diminished, it has lost one
of its principal assets: the
ability of two parties to
cooperate. The Alliance boast
that it was more united than
either the Labour Party or the
Tory Party now looks distinctly
hollow.

The split will be exploited on
the doorsteps, in speeches and
in the political literature; and
no-one can accuse the other
parties of unfairness in doing
so. They always claimed that the
Alliance was divided. Now their
hopes have been fulfilled.

In the circumstances, there is
nothing for the Alliance to do
except to try to clear up the
mess. The Liberals and the SDP
have become too dependent on
each other to try to disentangle
themselves before a general
election, though afterwards may
be a different matter.

In one sense they are for-
tunate. The defence policy that
Dr Owen and Mr Steel were
trying to develop was in its
very early stages. The term
“ Europ ean minimum deter-
rent," involving a degree of
nuclear co-operation with the
French, only emerged after
their talks in Paris at the begin-
ning of tills month. They are
going to Bonn to widen the dis-
cussion next week. There is
no reason why their initiative
should not he continued. Indeed
they might claim that it is more
relevant than ever since the
climate for arms control has
improved following the Stock-
holm agreement on European
disarmament. Yet they can
hardly go as the glad, confident
figures they appeared last week.
The Alliance yesterday suffered
a serious setback and every-
body will know it

Way through the
planning maze

A PRIVATE householder can
be ordered to change the colour
of a front door; great swathes
of countryside can be comman-
deered for projects deemed
to be in the national interest
ranging from motorways to
channel tunnels. It is little
wonder that the planner, armed
with interminable rules and
regulations, has become one of
the least popular professionals
of modern civilisation. He pits
the bureaucracy, supposedly
acting in the common interest,
against those who want to
develop and those who do not
Even endowed with the wisdom
of Solomon, a planner would be
hard pushed to win friends from
such a brief.

Since tiie Second World War
successive British governments
have tried and failed to recon-
cile the conflicting interests
involved in planning town and
country. Mr Nicholas Ridley,
the Environment Secretary, has
put forward some ideas with
the laudable aim of trying to
simplify and improve the myriad
systems which comprise the
nation's cumbersome planning
machinery. But it is far from
clear tbat his ideas will work
any better than those of his pre-
decessors.

The present planning system
is a two-tier arrangement with
detailed structure plans being
prepared at county level and
local development plans being
drawn up by the districts. These
plans, particularly the structure
plans, take years to prepare;
they often conflict with each
other and with the way in which
pressures for development
appear in the market. Local
planning decisions are subject
to appeal to the Environment
Secretary, a process which can
take years and which often pro-
duces a result directly contrary
to the structure and develop-
ment plans. It is all a very
British muddle.

The exception

Mr Ridley's proposal would
eliminate the structure plans
entirely, leaving a single tier
of development planning in all
parts of England and Wales but
still with an appeal process to
him. “It will bring planning
closer to local people, where it
belongs," he said.

While the aim of devolving
as much as possible to the local
level remains a generally
healthy objective, planning may
be the exception that proves
the rule. Any change in plan-

ning principles in any area,
however small, offers the chance
of a large and immediate
capital gala once protected land
becomes development land
overnight. The danger of local
corruption would be greatly
enhanced by making the sole
arbiter of local planning the
relevant local coundL The
opposite side of this coin is
equally unsatisfactory. There is
tremendous pressure for more
housing in tiie south-east Allow-
ing each council to regulate
completely its own development
could make the market even
more rigid by always eliciting
the response: “certainly more
development is needed— but not
now and not here."

However, it is much easier
to criticise the planning maze
than to find a way out of it
No sensible solution can be pro-
posed until there is a consensus
about the purpose of planning,
which should be neither to
freeze the status quo and stifle
development nor to allow laisser
faire development

Fortuitously, a committee of
inquiry into town and country
planning co mmissi oned by the
Nuffield Foundation reported
this week after nearly four years
of deliberation. The committee
lists its own ideas of the pur-
poses of planning which include
anticipating and preventing the
perpetration of nuisances; pro-
viding a coherent and consis-
tent framework for the opera-
tion of the market in property
and development land; and
reconciling conflicting demands
for land as they arise from tiie
development plans of public and
private agencies. This means
that knowledge of developers'
intentions, particularly those in
the public sector, including
central government depart-
ments, will be crucial.

The key to this approach is
local decision-making. The
county structure plan would be
replaced by triennial county
strategies. This would be
backed up by county develop-
ment plans and local district
plans which would be drawn up
in conformity rather than com-
petition with tiie county plans.
The role of the centre would be
confined to an annual white
paper on land use and the
environment.

As a first step towards a more
rational planning system the
committee’s ideas are worth
serious consideration. They
indicate that Mr Ridley’s well-
intentioned proposals might not
produce the desired result

UK PAY SETTLEMENTS

Return of the
going rate

By David Brindle, Labour Correspondent

I T MUST be getting chilly
in the Confederation of
British Industry's high-rise
headquarters in London's
Centrepoint tower. It is, after
all, nearly a year since Sir
Terence Beckett, CBI director-
general, first spotted that a
“ unique window of oppor-
tunity” was open to employers
to bring down the level of pay
settlements in the UK economy.

That window— low inflation —
Is today gaping even wider.
Sir Terence still points invit-
ingly to the lush low-cost land
beyond. But, circus »wiwiain
which have performed too long
on a pay/price treadmill,
employers seem reluctant to
escape into that world.

"As with all these things,
somebody has got to be first
And if we are going to dis-
vantage ourselves in tiie
employment market by being
first, then it is not really in
our best interests to do that”
says a company personnel
ptawagpr . explaining why he
will not be looking for particu-
larly low settlements in nego-
tiations about to start for 3,000
chemicals workers.

"Because we are able to make
job savings, our remaining few
staff can have fully justifiable
increases in excess of inflation,"
said a Lincoln-based company
chairman in a letter printed in
the FT last Saturday.

But by this time next year,
say analysts, tiie rate of
increase in retail prices wQl be
accelerating markedly from its
present 2.4 per cent and
employers now preparing for
the winter pay round ttnnot
expect the witdow to be much
ajar by then.

This year’s pay round appears
to have started at a punishing
pace: last week’s £6 a week or
6.7 per cent offer to local
authority *n»nnai workers, the
biggest single wage bargaining
group, is seen bv infuriated
ministers as a likely target for
other groups to aim at
"Irresponsible and reckless"
was only one of the acid com-
ments of MX Kenneth Clarke,
Paymaster General and Employ-
ment Minister, who led tiie
attack on the offer. By last
weekend he was taking to task
both employers and unions. The.
idea of a going rate of settle-
ments in an animal pay round
was wrecking the competitive-
ness of British industry, he said.
“Mickey Mouse" pay deals,
without justification through
productivity gains, had to stop.

This raises two questions: is
there any longer such a tiling
as a pay round, and Is there
a going rate?

Critics have said that people
were quietly forgetting about
the Idea of a pay round until
ministers reminded them of it
over tiie past few weeks. The
renewed campaign for pay
moderation, launched by Mr
Nigel Lawson, the Chancellor,
has if nothing else succeeded

in getting jay bade into the
headlines. And with Labour-
controlled local authorities sow
billing the tune in the rnnnwj
manual workers* wage talks, it
was always likely that the
Government was setting itself
up for an early and heavy fall.

Similarly, critics argue that
the notion of a going rate had
been falling into disuse until
ministers spoke up about it in
recent days, reviving dimming
memories of the pay helter-
skelter of the 1970s.

Such criticisms are a little
unfair. The pay round is alive
and well, if not quite aa robust
and attention-seeking as it once
was. So, too, is the going rate.
Ever since the Labour Govern-
ment Introduced in August 1975
the £6 a week pay rise limit, in
response to inflation of almost
27 per cent and average in-
crease in nMoip al earnings of
33.3 per cent, the idea of an

mnwal int nnm pty benchmark

has been rooted somewhere
deep in the nation's psyche.

What has changed since the

Long-term deals
can often
aggravate wider
problems

return of free collective bar-
gaining in 1979 is the seasonal
balance of tiie pay r ound.
November has declined in im-
portance as a settlement date
as bargaining groups, anxious to
get out of the front linq of
autumn negotiations, have
shifted to January and April
July, appealingly at the end of
the round, is becoming increas-
ingly popular with employers
who calculate that trade unions
find it difficult to persuade
their wu mh u w to industrial
action close to tiie summer holi-
day break.

Another development since
1979 is tiie emergence of the
long-term settlement. The
bng thi »nii expense to which
British Airways has gone to
secure a repeat series of two-
year deals (average 8 per cent
rises this year,. 6 to 7 per cent
next) shows tiie attraction of
the stability these can offer.
However, they remain of
minority appeal.

Further, long-term deals can
often aggravate wider pay prob-
lems: in the motor industry, for
instance, Austin Rover and
Jaguar are at present negotiat-
ing against yardsticks of 6 per
cent and 5.5 per cent, being the
second stages of two-year agree-
ments at Ford and VauxhaU
respectively.

Any suggestion that such
forward markers will not be
Influential seems rash. For the
evidence of a going rate has, if
anything, been stronger tax the

past few months than for some
time. With the underlying rate

of increase 2a average earning

stuck at 7.5 per cent since 1984,
basic pay settlements have
begun recently to concentrate
between 5 per cent and 7 per
cent in a similarly rigid way

Incomes Data Services, a pay
research company, says the
stability of settlements this year
has been "remarkable.” Indus-
trial Relations Services, another
pay research group, says that
most bargaining groups are
settling at lower levels ?b*n 12
months ago but that the down-
ward movement is minor com-
pared with the fall in inflation.
According to IRS, fewer than
one In 15 settlements is breach-
ing the “ effective pay floor" of
5 per cent.

The prospect of 5 per cent
becoming a bottom line for
union negotiators this winter is
likely to worry many employers.
Mr John Cahill, senior policy
adviser at the CEO, says: “I
would be utterly flabbergasted
if settlement levels did not
show a decline, but the 5 per
cent barrier is going to be just
as important psychologically as
the 10 per cent barrier was in
the early 1980s."

The CBI, sensitive to charges
tbat its call for a 2 per emit
redaction in settlement levels in
the last pay round was not fol-
lowed by member companies, is
adopting a different tack this
autumn. Specific targets are
definitely out So, also, is Sir
Terence's famous " nowt for
nowt " dictum, thought in retro-
spect to have overstressed the
negative. Instead, expect a
“ summat for summat " produc-
tivity theme from the director-
general, when, in November, he
addresses his last GBI confer-
ence before he retires.

But this, in a way, dudes tiie
question of why it bas proved
so difficult to get tiie level of
pay settlements to respond to
the fall in inflation. Three fac-
tors are of importance:

• Union resistance. It is fashion-
able to decty this, to argue — as
ministers lave done — that as
onion power has been broken
by tiie Cons ervative Govern-
ment, it must be employers who
are to blame for awarding
higher - than - necessary settle-
ments. The fall in the number
of strikes to the* lowest level
since 1939 is. offered as- farther
evidence of’ union weakness.

However, this is to ignore the
use of non-strike sanctions (in-
cluding the popular tactic of
holding Intimidatory pre-strike
ballots, courtesy of the Govern-
ment’s Trade Union Act) and to
forget that the three-month-old
lockout at Paxman Diesels, Col-
chester, began over a 3 per cent
pay offer, that white-collar staff
at Lucas Industries are taking
action over an offer worth be-
tween 4 and 6 per emit and,
most significantly, that mem-
bers of the National Union of
Mineworkers are mounting an
overtime ban and strikes to win

Key Pay Settlements

S a o tembf

Agriculture (Scotland) 6.1

Foffee 7.5

Vastrfc 5

VauxhaU 5£

Knitwear (Hawick) 3.75

Local authority mmmrn — mmm 6.7
Burton Merawear 3-35

£

Average Earnings Index

Retail Prices

on previous 12 months
AS item

•: * v • _ .*. " ■*>

i j

backdating of a 99 per cent
deal. The unions are not yet a
busted flush.

• Profits and example. With
company profits forecast to grow
by between 15 and 25 per cent
in the next year, and with
profit-sharing very much in
vogue, employees’ expectations
are high. Notwithstanding the
offer by Jaguar white-collar
workers to discuss increased
share -entitlement in place of
bard cash, however, most com-
panies and uni (ms seem reluc-
tant to contemplate sophisti-
cated shareownerdbip schemes
of tiie sort envisaged by minis-
ters.

• shortage and competi-
tiveness. These are almost cer-
tainly the most important
factor®, forcing up the pay of
sought-after specialists and
bringing other -workers up in
the shpkreem. The Institute of
Directors’ latest business
opinion survey, published this
moirfti, found 15 per - cent of
companies identifying labour
supply as their main concern
over the next six months.

The problem is jm longer con-
fined, as it onoe was, to com-
puter -workers. It is now spread-
ing among production engineers,
technicians and craftsmen;
employers are prepared to pay
to recztitt and retain, but not
to make long-term investment
in training. Mr A In s tate Evans,
manpower planning manager of
the Institute of Personnel
Management, says: "I see no
sign of an end to this vicious
circle of too many employers
chawing too few aWlIs."

Against a backdrop of these
pressures, how is the autumn
pay round s haping up?

One of the most recent settle-
ments is a 625 per cent deal,
effective September L for 4,500
employees of Burton Menswear.
Mr Michael Wood, Burton
Group finance director, thinks
this is "reasonable In the cli-
mate” — a climate dictated not
by the Government, the CBI
or the unions, but by the
intense competition in the high
street sector. Although it was
an April settlement, the 85 per
cent awarded by non-unlonised
Marks and Spencer, is clearly
continuing to force the pace.

Mr Wood says: “ Our priority
Is retaining tiie best people we
can and it is fair to expect
those companies that are doing
well to pay a bit more than
those that are not."

Of the research companies.
Incomes Data Services predicts
that any (slight) fall in pay
settlement levels in the. coming
months will be compensated for
by top-up payments to boost
recruitment and retention.
Result: average earrings rising
still at or about 75 per cent
For its pari. Industrial Rela-
tions Services does not expect
average settlements to drop
below 55 per cent this year and
believes tiie downward trend
may come to a bait in 1987 in
the face of increasing profit-
ability, rising inflation and pay
pressure in the public sector.

Indeed, the public sector
looks poised to ratchet the going
rate up by several notches. Not
only are the council manual
workers set to pick up 6.7 per
cent, but firefighters are set for
another index-linked rise in
excess of 7 per cent in Novem-
ber and the teachers' salary
restructuring deal, giving them

an overall 14 per cent in 1988-
1987, is due to come into effect
after Christmas. It remains to
be seen whether the Govern-
ment will, unlike last year,
practise in the Civil Service
what it preaches elsewhere.

Some employers will shrug
their shoulders at such national
settlements. They will say that
what matters to them & not
what the council is paying its
dustmen or for that matter what
Esso pays its drivers, hot what
direct business competitors are
prepared to pay, say, a skill edUfi
electrician. It is, to be sure.7
true that local and internal
labour market considerations
are growing m importance and
may, in the very long run, even
lead to the eventual demise of
the pay round.

But the present reality is that
most employers, unions and
now. it seems, the Government,
are absorbed by the concept of
a going rate. It will take a
fundamental and entirely un- 1
expected change in attitudes
in both the private and public
sectors, to see that rates fall
below 5 per cent this winter.

However independent em-
ployers may think they are
becoming in pay determination,
their labour costs are still
dictated to a great degree at
the centre. In the engineering
industry, for example, the
continuing negotiations on the
working week threaten to have a
far-reaching impact on the ,
costs of some 5,000 companies. •

As the egrds are dealt for th$£
new pay round, the prospect c
a reduction in the industry'i
39-hour week, unchanged since
1979, is the joker in the pack.

.. *

Wolfson's
uphill push

Brian Wolfson, who today starts
a two year stint as chairman of
the British Institute of Manage-
ment believes that some of
Britain industrial problems
stem from a culture which
heaps shame on people who
have failed in business enter-
prises, yet is reluctant to
respect those who succeed.

The creator of the Anglo
Nordic group of engineering
companies, and chairman of the
consortium which plans to inject
new life into the Wembley
Stadium complex, 5l-year-old
Wolfson comes into the success
category. Billed by the BIH
as “more of an entrepreneurial
figure than the previous holders
of the post” (he succeeds Sir
Peter Parker), Wolfson himself
is a bit dismissive of the

description. “ All managers
must be a We to take entrepre-
neurial decisions from time to
time."

His contribution to BIM
activities to date has been
wholly in the promotion of
management education, and he
plans to bang this particular

'They can’t all be delivering;
thefar last minute TSB
applications, can they? ”

Men and Matters

dram all the harder during his
presidency. He wants to
increase the involvement of
young people with industry,
building on Industry Year
initiatives like work shadowing,
and also to emphasise the
importance of support by man-
agers for education and training
throughout the working lives of
employees.

“The best-managed companies
already do this. By example
and discussion, our members
must spread the message to all
companies. If we can get man-
agement to focus on common
goals, we might just ensure that
British companies go over the
top of the hill which they have
slogged up in the past few
years. If not, we will slide back
down the MIL" .

Going for gilt

Whitehall is about to lose an-
other bright star to the Big
Bang. Peter Spencer, one of the
Treasury's experts on the finan-
cial markets, is going to Credit
Suisse First Boston, the power
ful Euromarkets house, to head
their gilt-edged research de-
partment C5FB, which is
jointly owned by Switzerland's
third largest bank and a leading
Wall Street investment house,
is one of the plucky band of 27
firms recognised by the Bank of
England as gilts market-makers.

"This is a good time to be
going to the City,” says the 37-
year-old Spencer, who helped
develop the Treasury’s econo-
metric model on the financial
markets, and is one of two
senior economic advisers who
put together the medium term
financial strategy.

He says he has "no strong
views” on whether the gilts
market will turn into the
widely predicted bloodbath as
the 27 scramble for business
after Big Bang. "All I know is
that CSFB have a major com-
mitment to that market” •

Actually, Spencer believes
that the key signs for gilts in
the months ahead will come
from across the Atlantic in the
US Treasury bond market
where interest rates could rise
in response to the US deficit
But he is keeping his options
open. Rather than resign from
the Treasury, he hopes to take
a two year leave of absence so
that he can go back when all
the excitement is over.

Japanese puzzle

When it comes to choosing
people for senior positions in
business and government the
Japanese are normally painstak-
ingly methodical in checking
out all possible ramifications of
an appointment

They even have a special
word for the process, nemo-
washi, which means literally
“diggi n g around the root of a
tree."

Well, it appears that tiie Bank
of Japan did not dig thoroughly
enough last week and the result
is that It has had to despatch
its widely-respected deputy
governor for international re-
lations, Shijuro Ogata, to tiie
relatively minor post of deputy
governor of the Japan Develop*
meat Bank.

Sources close to Ogata, who
moves easily and effectively in
central banking circles through-
out the world, left no douBt
that the man was extremely dis-
appointed about this sudden
transfer.

The cause of it all, it seems,
is the Nakasone Cabinet's new
determination to stand up to
the bureaucrats and assert its
will over senior civil service
appointments.

The BOJ failed to notice the
change and so put forward a
candidate for its reserved seat
on the development bank board
without first clearing it with
the Cabinet office, which, after

hearing about it, vetoed it and
insisted that tiie BOJ send a
more senior candidate.

Ogata scarcely has time to
clear out his dekk before taking
up bis new post later this week.

Classics man

The Great Investment Race —
in which 16 fond managers are
competing to raise funds for
charity — begins at noon today
and toe City of London teams'
are sparing no pains in polish-
ing up their investment
strategies.

Nomura Securities is
scrutinising Japanese securities,
while Fidelity, the unit trust
group, is scouting about for the
riskiest possible I n v es t m ents.

But the London stockbroker
L. Messel seems to have
swallowed a Greek dictionary.
“ The strategy of the team will
be to chase high leverage
returns — in the parlance of
market risk measurement of
Alpha and Beta factors we will
be looking at tiie Omega end of
the scale,” it says.

And goes on: "In our
endeavour to steer a geared
course between the Scylla of
Big Bang and the Charybdis of
Its confused aftermath ...”
Well, as long as it avoids the
clutches of the Cyclops.

Press cutting

Just to show we in tiie trade
can take it on the chin. A New
York editor told his wife that
he was going to give their teen-
age son an aptitude test “HI
put a. dictionary of quotations,
$200 and a bottle of Scotch on
the table,” be said. “ If he takes
the quotations, he'll be a
writer, if he goes for the
money, he'll be a banker — but
if he takes the Scotch, he’s
doomed.”

The boy was called in, and
quickly put tiie money in his
pocket picked up the Scotch
and the book of quotations, and
ran out of the room. " It looks,”
observed the wife, " as if he’s
going to he a journalist just
like you."

Observer

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I

Financial Times. Wednesday September’ 24 1986

t i

CONVENTIONAL WISDOM baa
it that after the Big Bang on
October 27, email companies
may 'find it .Increasingly - diffi-
to market theirshirea as
securities houses scramble
deal a in the - larger, more
Stable trans ac tions genera-
ted by the bigger companies.
For oncer conventional wisdom
is probably correct

If the securities houses
neglect dealings in small com-
panies after deregulation, then
the market in the Shares of
those companies will become
illiquid; the movement of their
share prices more volatile; and
the gap between buying and
selling prices wider. As a re-
sult, many small companies
would be left with unmarket-
able shares and dwindling
market capitalisations.

How difficult will life be for
. email companies after the Big
^Sang? If illiquidity develops
will it he a short dr a long*
ierm phenomenon?

“ Illiquidity has always been
a problem for small companies,
particularly for those on the
Unlisted Securities Market,”
says Mr Simon Metcalfe, a
director- of County, the mer-
chant banking arm of National
Westminster. 'But in the protec-
tive environment before deregu-
lation, illiquidity has- affected
only the smallest and sleepiest
companies. After the Big Bang
there Is a risk that illiquidity
will affect many more com-
panies,”

The crux of the problem lies
in the way the fobbing or
market-making system in
' London Will rtiang a after
•- deregulation. As competition
inten si f ies in the City the securi-
ties houses will be forced to
counter the fall in c ommissions
by cuttings costs and by increas-
ing the size . and profitability of
individual transactions.

In this competitive environ-
ment, it may no longer be cost-
effective to handle the smaller,
less profitable transactions
generated by small com p a n ies.
Many of the larger jobbing firms
have already begun to prune
their portfolios. Akroyd,
Pinehln Denny and Wedd
Durlacher have already stopped
making markets in some of the
smaller USH stocks. County
Blsgood intends to follow suit.

It is simple to sketch a
scenario whereby many *m»n
companies are forced to trade
their shares on the matched
bargain basis adopted by private
companies and those dealt on
the over-the-counter market But
.{.matched .bargain trading tends
- to be very sluggish.

F or companies quoted on the
USM. the problems posed by
illiquidity could be compounded
by the particular difficulties
faced by the junior market

The USM was created in 1281
as. an integral part of Govern-
ment's policy of market liberalis-
ation and as a catalyst for the
“enterprise culture.” Its rapid

SMALL COMPANIES AFTER BIG BANG

fivuviafcal ***** Sfl)EEp/fba LOStTHB 7&$S

SOMEONE AaS Ta sw _

STTOEP/We /S*

m £*

Now they will have to
shout twice as loud

By Alice Rawsthom

development has been touted by
the Stock Exchange as a triumph
for the London securities mar-
ket. But in recent months a
series of measures have been
introduced, both by the Govern-
ment and the Stock Exchange,
which augur ill for the junior
market.

In the March Budget; for ex-
ample, the Chancellor of the
Exchequer excluded USM com-
panies from PEPs, or the per-
sonal equity plan.

And when the Stock Exchange
revised its rules on new Chare
issues in August with the inten-
tion of making it cheaper and
easier for companies to go pub-
lic, it may inadvertently have
made ft easier for companies to
join the main market rather
than the USM,

In the approach to deregula-
tion, the flow of larger USM
companies M graduating ” to the
main market has accelerated
and a series of relatively small
companies which looked like
archetypal USM stocks have
leapfrogged over it to a fall
listing. Almost all have cited
concern about the orospect of
illiquidity on the USM as their
rationale.

This rationale may be flawed.
" If small companies will face
liquidity problems on the USM
after the Big Bang, then the
outlook for companies,

quoted on the main market
may be even worse,” say s M r
Geoffrey Douglas, head of USM
research at the stockbrokers
Hoare Govett “At least the
USM is a defined universe in

which active, acquisitive com-
panies can attract attention. On
the ma * n market m»^ i com-
panies could sink without
trace.”

Nonetheless, the USM faces
the prospect of an exodus of
its larger stocks to the main
market after deregulation.
Without them the USM may
look distinctly lacklustre and
the remaining companies could
find it even more difficult to
attract Interest from the City.

The USM has a parallel prob-
lem in the fragmentation of
the junior markets after the
Big Bang. The Stock Exchange
intends to Introduce -its Third
Market in early December, and
the 80 or so licensed securities
dealers who conduct the OTC
market are devising plans for a
hew market, the London Securi-
ties Exchange.

Ostensibly a adder Choice of
market should be beneficial for
jmmtl wwnp«wtiML But it . COUld
exacerbate their problems by
diluting demand for amaltcom-
pany shares.

Concern about flUquldrty has
already prompted many Institu-
tional investors to reduce their
investment in small companies,

“ There is widespread con-
cern that trading in small-com-
pany shares will be difficult
after deregulation,", says Mr
Brian Kirkland, assistant
director of UK equities at the
Prudential, “We have already
begun to restrict our involve-
ment in new issues and to com-
mit ourselves only to stocks
which we are prepared to hold

for three or four years. Many
other institutions have began to
withdraw from small-company
investment and this is already
creating liquidity problems.”

It could be argued that such
a reaction is premature given
that illiquidity may prove to be
little more than a temporary

j> h m pm orwip .

In many ways the precedent
set by the US version of the Big
Bang, Mayday on Wall Street in
1075, la encouraging. Immedi-
ately after Mayday, the larger
securities houses did concen-
trate on bigger companies to
the detriment of dealings in
smaller stocks, but this forged
an opportunity for a stream of
new houses to emerge as
specialists in small companies.

Mayday also helped to
create, albeit unintentionally, a
new generation of investors In
small-company shares.

“When competitive commis-
sions were introduced in the US,
the securities bouses began to
move away from the institu-
tional clients, which negotiated
hefty cuts in commission, to in-
dividuals,” says Mr Gene Finn,
chirf economist of the National
Association of Securities
Dealers. “There Is a greater
tendency for individuals to in-
vest in small companies and so
the market for their shares has
grown and grown."

This growth has continued
long after Mayday. NASDAQ,
the computerised dealing system
which handles most small-com-
pany Shares in the US, traded
20.7bn shares last year, up from

8.7bs in 1980.

But individual investors are
much more acti ve In the US
than in the UK While at the
time of Mayday private investors
held 62 per cent of US equities,
that figure has since risen to
over 70 per cent, ha the UK the
pattern is reversed, with the
Institutions bolding more than '
70 per cent of shares. Thus it
win be more difficult for indi-
viduals in the UK to generate
the game momentum for small-
company shares.

But it seems likely that
individual Investment in the
UK will increase after deregula-
tion. The London securities
houses will be just as eager as
their New York counterparts
to drum up new business from
private investors to counter the
reduction in institutional com-
missions, This will be accom-
panied by the Government's
efforts to stimulate individual
investment

Thus there could be an Influx
of new investors on to the
market, many of whom may be
amenable to investment in small
companies. But all this takes
time and in the intervening
period some of the small com-
panies coming to the m arket
could face a lacklustre response
to their flotations; and some of
the companies already on the
market may find it difficult to
trade their shares. What can
they do to counter these prob-
lems?

“For companies considering
going public the best advice is
probably to waft," says Mr
Robert Swann ell, a director of
the merchant bank J. Henry
Schroder Wagg.

« in the meantime they might
consider a private placing. The
old arguments against them
were that private shares trade
at a discount to those in publicly
quoted companies. If liquidity
on the stock market dries up
for small companies then pub-
licly quoted companies will
trade at a discount too. The
disadvantage of a private
placing will be eroded."

For small companies already
on the market visibility will be
crudaL After deregulation the
small company will have to
behave in many ways like a
paradigm of the publicly quoted
company in order to remain
visible and to ensure active
trading in its shares. Communi-
cations with shareholders will
be essential, as will encouraging
brokers to research the com-
pany, attracting press and insti-
tutional attention through
public relations and releasing
extra equity to improve
liquidity.

“ The City will always be
interested in a young, growth-
hungry company with a good
story to tell." says Mr Simon
Metcalfe of County. “ But after
the Big Bang those companies
will have to shout twice as loud
before anyone Drill bother to
listen."

The Commonwealth

Britain can get along
without it

AS A nation, we have the
endearing quality of loving our
institutions — our monarchy,
our parliament and many
others, including the Common-
wealth. Even if everyone does
not love the Commonwealth,
few have been ready to ques-
tion the general assumption
that it is " a good thing.” As
a matter of principle, I would

nw#pp m Imtp adt ssnunntinnR

about constitutional matters
undisturbed. But the South
African affair does make it
necessary to pause for a
moment and ask whether the
Commonwealth remains so
valuable in 1988 that it is
worth paying a price to main-
tain it.

Why the South African
affair? Because economic sanc-
tions against South Africa
would not only probably fail to
achieve their stated purpose,
damage the people they would
be supposed to benefit and cer-
tainly cost Britain money, jobs
and consumer satisfaction, but
might well create a major
world banking crisis. If the
industrialised world cuts off
South Africa's means of earn-
ing foreign exchange and puts
the Boers up against the wall,
what else can they do but
default an their debts? The
world financial system is not
well-placed to sustain a default
on $22bn of mostly short-term
debt.

Before the Commonwealth
mini-summit in August, it
seemed as though the weight of
sensible opinion in the UK
might be shifting in the direc-
tion of supporting sanctions
because not to do so was
thought to create a threat to
the Commonwealth, Luckily,
and perhaps foreseeeably. Mrs
Thatcher's refusal to be bounced
had no such results. But alas,
the tragedy in South Africa
continues to deepen and the
question of mandatory sanc-
tions Drill soon arise again. So
1 suggest that we ought now to
take a calm and objective look
at the value of the Common-
wealth to the UK today. If it
did not exist, would we think
it necessary to invent it?

Can anyone paint to an occa-
sion in the last decade when
the existence of the Common-
wealth enabled Britain to

By Sir Michael Butler

achieve foreign policy objec-
tives which it would not have
achieved otherwise? I doubt it.
On most political as well as
economic issues, under Labour
and Conservative governments,
Britain has usually either stood
alone or ip a small minority
with the M old ” Commonwealth
(Canada, Australia, New
Zealand). The pressure has been

m Tlntaln tn Ahsnm (te nneL

tion rather than Britain being
able to use the Commonwealth
to gain support.

It U argued that the existence
of a forum where leaders of
countries from all the conti-
nents can meet and discuss
world affairs In a common
language militates in favour of
peace and international under-

If we had
not inherited
it, we would
not want
to create it

standing. This is a superficially
attractive thesis. The trouble
is that it does not seem to be
borne out by the facts.

Commonwealth governments
with whom Britain's bilateral
relations are excellent often
find themselves taking a posi-
tion hostile to our interests or
policies when they meet as a
group. They hot each other up
against us. This is particularly
true of the African countries
on North/South economic Issues
and South African questions. I
remember only too well repre-
senting the UK at a group
which was drafting the econo-
mic part of the communique
of a Commonwealth Heads of
Government meeting when Mr
Callaghan was Prime Minister.
My instructions were not to give
ground on the Government’s
position about aid and I had
to stonewall all night The
developing countries behaved
In exactly the same confronta-
tional way as they would have
done in Unctad or other North/
South negotiating forums. The
thesis that sweetness and light

are generated by getting the
Commonwealth together is hard
to sustain.

Does the Commonwealth help
ns to sell our goods or secure
lucrative contracts? It is, of
course, true that we do a lot of
business with Commonwealth
countries. But a straw poll of a
tiny but representative sample
of businessmen does not lead me

Commonwealth has anything to
do with this. They say that their
position In these countries is
based on their own longstanding
efforts and would not in any
way be changed if the Common-
wealth disappeared overnight.
Of course, it could be damaged
either by an acrimonious break-
up of the Commonwealth or by
long-drawn out British resist-
ance to mounting Common-
wealth pressure for sanctions or,
stiff worse, by Mr Kaunda
actually succeeding in getting
some support for applying sanc-
tions to the UK — luckily a dist-
ant prospect.

So what should we conclude ?
If we had not inherited the
Commonwealth, we would not
want to create it. But it would
be foolish for the UK to take
the initiative to leave it or try
to break it up. The others might
maintain and use it against ns.
But it must be right to take a
thoroughly hard-headed view
and to promote public discus-
sion so that Commonwealth
leaders are not under the
illusion that a threat to break
up the Commonwealth will
bring the UK to heel Sensible
public opinion needs to remain
calm if at any stage in the South
African tragedy it seems likely
to create a crisis in the
Commonwealth. It would be
very damaging not only to
Britain's national interests
but to the world banking
system and therefore the world
economy if any British govern-
ment were to feel that the
Commonwealth argument tip-
ped the scales in favour of
mandatory sanctions. We can
live quite well without the
Commonwealth but we shall
live very badly with a major
banking crisis.

Tkm author.'* format UK parmanaot
rapraaantatiira to thm EEC, is now m
director of Hambroa Bank.

■NO

IB

iEN

0

55

ffrectoRand

shareholders

From the chairman,

Carlyle Trust (’Jersey/

Sir,— in relation to the Guin-
ness affair, it la sad to think
that even the Stock Exchange
has recently felt the need to
remind the business community
that the duty of directors is to
. their shareholders; and this by
. implication should surely mean
. that a board should never
i oppose a hid in order merely to
preserve its own position.

I say this with some empha-
sis, following a recent press
report that the board of Stan-
dard Chartered Bank commis-
sioned Boos Allen to help
prepare its defence, but that
after mature consideration Book
Allen, in effect, recommended
acceptance of the Lloyds bid in
the Interests of the general
body of shareholders.

As so many people have
found the Guinness affair quite
sickening, I wonder what they
now feel about the attitude of
the board of Standard Chartered
Bank, if the report was correct
Perhaps longstanding share-
holders in Standard Chartered
will comfort themselves with a
feeling that “the rescuers,"
described as “the gang of
three," who now hold non-,
executive directorships, will
look after all shareholders in
the course of preserving their :
own interests, always assuming
that those interests are identical.

The suggestion made by
financial writers that the Stan-
dard Chartered Bank might be
fragmented, in order to satisfy
the ambitions of some of those
who helped Standard Chartered
to resist Lloyds Bank, is quite
untenable. And I am sure that
Standard Chartered would run
into a lot of other troubles if
such a course of action ware
ever attempted.

(Sir) Julian Hodge. -

Clos-des-Seux,

Mont du Coin,

St AttWn, St Breiade >

Jersey, CL

Worries about
radiation

From Mrs A. Barrett

Sir— It seems that the only
people who have discounted my
worries about radiation have
been those with a vested
interest in the nndear indus-
try (ax. Mr Peter Saunders,
head of foe UK Atomic Energy
Authority, September 16). m
May this year there was an,
incident at the DungffleM
power plant in winch
100 tonnes of “mildly radio-]
active" gas was accid en tal ly re* ,
leased into foe atmosphere. The
industry issued a statement say-
ing that there was no cause
for public concern since the
amount of radioactive gas re-
leased was only one-80th of
tfioir regular daily discharge.
If these discharges were
emitted in foe form of black
smoke and sot invisible, surely

Letters to the Editor

they would not be allowed
under the Clean Air Act.

Many people nowadays object
to others smoking if they do
not, and consequently many
public areas like cinemas have
been declared “No Smo M n g"
areas. Under the same analogy,
why should we, the general pub-
lic; be forced to inhale in the
air we breathe the carcinogenic
“fumes” discharged by foe
nuclear industry?

According to a Government
statistical study, foe Incidence
of leukaemia near foeDounreay
Nuclear Plant In . Scotland la 10
times W gt’M' th»n normal and
according to the Government-
backed Natural Environment
Research Council radioactive
nuclear waste does concentrate.
Mr Saunders un doubtedly has
a vested interest in p ro tecting
his industry, but we mothers
also have a vested interest in
protecting foe health of our
children, and to us that means
everything.

Ann Barrett.

59 Hinton Avenue, Cambridge.

As modi at risk
near a brewery

From Dr L. G. Brookes

Sir, — Mr Hffls* grapeshot
(September 11) has a very
wide spread but almost none
of it bears on what I had
to say.

He also reveals considerable
ignorance. Radon is not “ a
mostly man-pro dneed Chemical
arising from uranium mining."
It is a ubiquitous naturally
occurring radioactive gas which
collects in dwellings. In some
houses foe dose from this
source has been found to be
many times greater .than the
maximum permissible dose to.
workers in the nuclear industry.'

Mrs Barrett's letter (Sep-
tember 12) is much more to
the point but throws no more
light on foe grossly dispro-
portionate relationship between
level of concern and level at
radiation from the different
sources. It is true that official
inquiries have found above-
average incidence of leukaemia
near some nuclear plants as
well as at places for distant
from them, but none has found
any evidence tn connect the
cases to the minute routine
releases from the plants. A
study under the auspices of the
Centre for Clinical Epidemio-
logy at Leeds University con-
cluded that there was no more
case for saying that there was
an increased risk of leuka e mia
near a nuclear plant than for
saying it about “a brewery or
any other sort of establish-
ment"

L. G. Brookes.

16 Ipswich Road, Bournemouth.

Port subsidies and
unfair competition

From the chief executive.

River Division,

Port of London Authority

Sir,— I wish to correct the
misleading statements attri-
buted to Sir Keith Stuart
(September 12) in connection
with Government subsidy of
ports in general and the health
of the Port of London in
particular.

The soodled Government
subsidy to London and Liver-
pool was, in fact, reimburse-
ment of severance payments,
most of which, went to regis-
tered do£k workers who, under
the National Dock Labour
Scheme * cannot otherwise
be made redundant Lon-
don and Liverpool still pay
nearly - half of the industry's
outstanding debt to Government
for severance borrowings. The
scheme distorts competition
between ports, but certainly not
In London or Liverpool's favour.

There are other payments to
UK ports which can more
accurately be described as
“ subsidies.'’ These include
Government and EEC regional
aid grants, support from local
rates, debt write-offs and “soft”
loans. Most UK ports, including
Associated British Ports, have
benefited from one or more of
these “subsidies."

Compared to the govern men t
subsidies enjoyed by -our J bi EC
co m petitors, subsidies to UK
ports are insignificant. In my
view, they have little overall
impact on competition between
UK ports.

As to the suggestion that
London is a port heading for
“ ultimate decline ” let the facts
speak for themselves. London
hag increased its trade by 5m
tonnes (12 per cent) over the
past two years and remains far
and away Britain biggest non-
oil port. The message for your
readers, our competitors at
home hi Europe and our
customers Is that foe Port of
London is alive and intent on
carving out an increasingly
healthy future.

D. J. Jeffery.

Europe Bouse,

World Trade Centre, EL

Distortion on
Docklands

From the chairman,

'Docklands Consultative
Committee

Sir,— Joan Gray’s article
“Bid to delay Canary Wharf
M-h wwi* faffs" (September IB),
is misleading. To state that
the London Borough of Green-
wich and other local author!-

dies .were forced to withdraw .
their action;.;, [upon finding]
that a modified version . .. had
already been given detailed
planning approval by foe
London Docklands Develop-
ment Corporation" is a distor-
tion of the facts.

The article portrays the
events in the High Court on
September 15 as a defeat for
the borough. This is for from
so. Greenwich's case against
the development corporation
has always been that the-LDDC
has side-stepped the demo-
cratic planning system — ignor-
ing the Greater London
Development Plan — and has
failed to consult with local
authorities.

The reality Is that Green-
wich, along with other local
authorities and local communi-
ties in Docklands, is now in a
better position to push its
case. The Master of the Rolls
was so annoyed with the LDDC
at the court hearing— not least
of all for trying to waste the
court's time — that Green-
wich's appeal costs were
awarded against foe LDDC.

The "little change" within
the new plans for the position
of one of the three 850 ft
towers to which foe article
refers, is further flfastratlw of
the draconian and authori-
tarian manner in which the
LDDC plans for Docklands.
Why was Greenwich not told
of the change, given that the
LDDC knew that the council’s
objections specifically related
to the siting of these towers?
This time the LDDC has trip-
ped up.

Greenwich now has three
months to appeal against the
“new" proposals. And, as Mr
Norman Adams, Greenwich
planning chairman pointed out
at the subsequent press confer-
ence, the council is determined
to force the LDDC to consult
If it succeeds, the LDDCs
latest approvals could yet be
quashed.

Fred Jones.

The Showroom.

South Block.

County Hall, SSL

Unequal treatment
on retirement

From Mr M. A. Siddiqtd
Sir, —Eric Short’s article,
“ R ea chin g foe age of pension
equality " (September 15)
makes no reference to differen-
tial treatment for men and
women retiring from the Civil
Service, some public corpora-
tions and the recently privatised
British Telecom.

In these services the retire-
ment age is 60 for both men
and women. Whereas the
women are entitled to draw
state pension soon after their
retirement, foe men have to
wait until reaching the age of
65. They are not entitled fb
draw even unemployment bene-
fit and have to live on foeir
company pension, howsoever
small it may he.

11 A SlddiquL
33, Birchen Grove.

Kingsbury. NWS,

VERTISEMENT.

o / c c c c u u n t i i i\i c
! ' / nut li i il*

O l c c c c u u\

• ' / LLmJfJfCmJ n

New command Systran
for HMS Fearless

ARoy«lN«TyliKalc^ c« iM w » i ii <^ conti^MM^aamlw^Pl<3gKyto<rilli< -»> dl5pay«yste«tt.

FOILING

THE

PIRATES

Plessey research has produced

cals that leave an invisible mark
on manufactured goods.

They can protect against
counterfeiting currently cost-
ing over £40 billion a yean
Keen interest has already
been shown by manufacturers
of video tapes, plane tickets and
sports events tickets.

The chemicals also have
great potential for currency,
passports, travellers cheques
and credit cards.

on NAUTIC - the Plessey
Naval Autonomous Intelligent
Console.

NAUTIS-L for HMS Fear-
less comprises seven NAUTIC
consoles.

Theconsolesarenctwtnked,
using a military standard data
highway to main tain a replica of
foe command system database
which is available indepen-
dently to each console user

For HMS Fearless,
NAUTIS-L interfaces with

units is provided in each
console.

This contract is the second
successive win for NAUTI5
systems for Royal Navy
command and control under
the competitive procurement
policy of the MoD.

The first, NAUTIS-M, is
now in advanced development
for the RNh new minehunters.

The order wQl enhance
further the already consider-
able export potential for

surveillance and navigation NAUT&based systems.

radars, IFI* helicopter tran-
sponders, navigation sensors
and plotting table system, as
wallas self-defence weapons, to
integrate comprehensive tac-
tical presentations to the
command team.

Automatic tracking of

The modular architecture of
NAUTIS allows the NAUTIS-
L consoles to be re-used with
mmimsl development in
system variants, comprising
one or more NAUTIC con-
soles, for amphibious warfare
and other ship applications.

Included on foe Plessey Stand at
foe Africa Telecom exhibition
recently in Nairobi was a spedal
display of System 3L Plessey is
prime development contractor
for System X, nidi responsibili-
ties for selling It abroad.

r n

^vWvvvj

PLESSEY

The height of high technology.

Plessey has been chosen to provide a £3 million Action Information
System for the assault ship* HMS Fearless. The system, to be known
as NAUTIS-L, wffl improve significantly foe sbip> capability in
ampbibioiis warfare and self-defence.

NAUTIS systems are based aircraft, helicopters and surface

Seven hundred Plessey intelli-
gent payphones installed in foe
Persian Gulf are currently
proving that foe operation of
pnbfic telephones can be highly
profitable.

The income from each
payphone averages wen in
excess of £800 per month. The
owners have bad to organise
three coin collections daily.

This startling return on
investment results mainly from
Plessey payphones permitting
direct dialled, international
calls, and accepting all coun-
tries’ coins in use in the area,
including high denominations.

These features have been
put to highly convenient use by
the many expatriate workers
from India and Pakistan who
have no private phone access.

An order for a further 400
payphones for foe area has now
been placed with Plessey Tele-
communications Products in
Liverpool, for manufacture at
its Chorley plant

NEW ORDERS

Such basbeenthe success offoe
Plessey range of payphones
that in just twelve months since
its formation, Plessey Telecom-
munications Products has
grown to domimte world
markets, selling more than
150,000 inascoreof countries in
all five continents.

Further new orders - from
Puerto Rico, Spain and Bahrain
- are worth in excess of£750,000
for over 600 payphones for
initial trials.

Plessey experience indicates
that trials soon lead to supply in
large quantities, since usually it
does not take Jong for anautho-
rity to appreciate the higher
operating profits.

In the UK, British Tfelecom
has ordered replacements for
most of its 80,000 public tele-
phones with models from the
Plessey payphone range.

20

FINANCIAL TIMES

a fully integrated banking sennca

USS2EESS3

I Branch; V A

| Relocation details on 0633 56906
0

Wednesday September 24 1986

Marine
Midland to
buy First
Penn for

$585m

Britain and US
unveil plans
to curb fraud

Continued from Page 1
of the protection afforded by their
domestic laws. In particular, the
SEC sought the right to subpoena
witnesses and documents in foreign
countries.

Yesterday’s agreement with the
UK, which was reached after nearly
six months of negotiations, marks a
retreat from that position. The
memorandum will require no
change in UK or US domestic law
and will thus give the authorities no
right to examine bank accounts, or
to search for and seize documents,
when investigating frauds commit-
ted outside the UK

The Trade and Industry Depart-
ment believes that an agreement
containing such provisions would
arouse strong opposition from civil
liberties groups even though it
might also meet some of the criti-
cisms of the Roskill Committee on
fraud trials earlier this year which
highlighted the difficulties of ob-
taining evidence on fraud from
abroad.

According to Mr Michael Mann,
chief of the SECs office of interna-
tional legal assistance: The agree-
ment is a very big step for us.

Pretoria hopes Reagan tsb ^
will veto sanctions 0 ^ K

BY ANTHONY ROBINSON IN PRETORIA

By WIBIam HaH In New York

MARINE MIDLAND Banks, major-
ity owned subsidiary of Hongkong
and Shanghai Banking Corpora-
tion, plans to pay at least S585m for
first Pennsylvania Corporation in a
move which will considerably
strengthen its position in the North-
Eastern US.

Philadelphia-based first Penn-
sylvania is the parent of the oldest
US commercial bank, which has
been slowly recovering after being
reamed by bank regulators in 1980.
With assets of KMftm, First Penn-
sylvania is the third largest Philad-
elphia bank and the first bank in
the state to plans to

merge with a major Near York
b ank.

The proposed merger is the latest
in a string of deals in the north-east
and reflects the crumbling of barri-
ers to interstate banking within the
region.

The transaction is subject to a
numbs of conditions, including re-
ceipt of required regulatory approv-
al, and is expected to occur within a
year after the date when interstate
hanking between Pennsylvania and
New York becomes permissible. On
the basis of current h anking laws,
the merger would be permitted af-
ter March 4 1990.

As part of the agreement. Marine
Midland will Invest up to S150m in
First Pennsylvania, including
SIQOm of newly issued series B pre-
ferred stock and $50m in »»>Mitinnai
preferred stock or debt obligations.
In addition, first Pennsylvania is
issuing stock purchase warrants to
Marine Midland Exercisable at
S7.70 a share, which if exercised
would give the New York bank a
18.5 per cent stake.

At tiie time of the merger Marine
Midland will acquire First Penn's
outstanding shares for a cash price
equal to the greater of S15 a share
or 511 a share phis double the in-
crease in first Pennsylvania's re-
tained earnings a share from Octo-
ber 1 1986, subject to certain adjust-
ments. First Pennsylvania shares
rose by SI% to $9K in early trading
yesterday.

First Pennsylvania will use the
proceeds of the stock issues to re-
duce outstanding common stock
and retire previously issued conver-
tible preferred stock. Mr George
Butler, First Pennsylvania’s chair-
man, said that the deal would “pro-
vide an immediate improvement? in
the group's capital structure. He
would re c o mmen d the reinstitution
of cash dividends which were sus-
pended after the bank ran into fi-
nancial diffic ulties.

MR PIK BOTHA yesterday reject-
ed the US congressional sanctions
package as “unwarranted foreign
interference in South Africa’s inter-
nal affairs. 1 ' The Foreign Minister

said, however, that the package had
positive aspects and. that Pretoria
still hoped for a veto by President
Ronald Reagan.

He noted that 34 Senate votes
were required to sustain a veto and
added that it was regrettable but
likely that President Reagan would
have to stiffen the sanctions mea-
sures included in the existing ex-
ecutive order in order to gain the
required number of votes. If the
sanctions bill survived the expected
veto, however, and became law “we
are prepared to accept it as inevi-
table ... it will harm us but not kill
□s,” he told a news conference.

Mr Botha said that the proposed
legislatio n contained a number of
“positive provisions" which the
South African Government support-
ed. Among these were the call on
the African National Congress

(ANC) to "suspend, abandon or end
violence" and another which re-
quired an investigation by the Cen-
tral Intelligence Agency into the ae-
tivities of the ANC and the extent of
communist influence on the ANC,
the Pan African Congress and other
anti-apartheid organisations which
Pretoria claims are heavily infiltrat-
ed and manipulated by the South
African Communist Parly.

Mr Botha also welcomed reports
from Washington that the US was
considering a $500m aid package to
the front fine states likely to be af-
fected by sanctions against South
Africa, ami specifically US assis-
tance to upgrade the railway be-
tween Harare, the Zimbabwe capi-
tal, and the Mozambican port of
Bdra.

The corridor is guarded at pres-
ent by Zimbabwean troops against
attacks by Mozambique National
Resistance Rebels. Beira port is
heavily silted up and in need of ex-
tensive modernisation.

“South Africa Is painfully aware

of the need for development in
southern Africa and any thing
which can be done to help our
neighbours is welcome. We just
hope that it is real and mhgtantini
not just a token," he added.

flotation

fever

After repeating South Africa’s
policy of not imposing counter sanc-
tions, Mr Botha qualified this posi-
tion: “I cannot say that in ^ yrtafn
cases South Africa will not react by
introducing an import licensing sys-
tem.” He singled out Denmark and
Sweden, both of which have an-
nounced embargos on South Afri-
can coal imports, as possible tar-

By Richard Tomkins and
Hugo Dixon bi London

Asked about Last weekend’s sepa-
rate meetings between Mr Oliva
Tambo, the ANC leader in exile, Sr
Geoffrey Howe, the British Foreign
Secretary and Mr Chester Crocker,
US Assistant Secretory of State for
African Affairs, Mr Botha said be
hoped that both men had fdDy ex-
plained their opposition to the
ANCs strategy of violence.

Cracks show in French unity
over Chirac terrorism strategy

BY DAVID HOUSEGO IN PARIS

THE POLITICAL consensus in
France over the handlbig of the ter-
rorist issue appeared to be fraying
at the edges yesterday after critical
remarks by the Socialist Party that
the Government was failing to keep
public opinion sufficiently in-
formed.

Mr Lionel Jospin, the first Secre-
tary of the party, said that the Gov-
ernment ghfmki provide more infor-
mation on "what leads it is follow 1 -
ing, what assumptions it is working
on, and what went wrong on the
diplomatic level" in Middle
East

Mr Jospin, who along with other
leaders of political parties, saw Mr
Jacques Chirac, the P rimp Minister,
last Friday, said that what he had
been told by Mr Chirac is foot suffi-
cient,"

IBs remarks reflect Socialists’
fears that in rallying to Mr Chirac's
pwfi for national unity Mgu nw t ter-
rorism, they have provided him

with too open a cheque.

The Socialists' criticism on the
lade of information comes at a time
when the Government has still not
made dear whether it believes the
waveof recent bombings was main-
ly the work of the Lebanese Revolu-
tionary Armed Faction (the theory
favo u red by the police) or whether
it stems from a larger movement of
Middle East tw rnrfat groups and
states.

The Socialists' unease also comes
atatime when there are increasing
rpcriTnlrmtionn among the political

parties over past errors in Fiance's
Middle East and hostage diplomacy
that have made France prey to ter-
rorist attaHr*- On the wider diplo-
matic issue - including the French
position over its peacekeeping for-
ces in thp T phannn — MV fthfa wo grill

millinp the [wii bi nnmnr s current
policy when he addresses the Unit-
ed Nations in New York today.

Meanwhile, Syria y ester day

MHi ght to dittif itself laiw any

responsibility for the terrorist at-

tacks Mr Farouk Shareh, the Syr-
ian Foreign Minister , said that, he
was shocked by what be called “the
anti-Syrian campaign" in the
French press at a time of improving
ties between the two countries.

The Sodafistrf political discom-
fort is also due to their belief that
the terrorist issue is strengthening
Mr Chirac’s popularity and dimmr
fairing President Francois Mitter-
rand's power. In an effort to main-
tain the President at the centre of
the stage, Mr Pierre Beregovoy, the
former Finance Minister, fnr pKpd
over the weekend that the Presi-
dent should be given exceptional
powers if the situation worsened.

All three of the terrorists whose
release is being sought by those
riahwrng responsibility for the re-
cent have now beat trans-

ferred to the high security La Saute
prison in Paris.

Weinberger’s TV attack sparks
row with British Labour Party

BY JOHN HUNT M LONDON

BAR CASPAR WEINBERGER, the
US Defence Secretary, was the cen-
tre of a row with Britain's Labour
Party last night over criticism of
the party’s unilateralist nuclear
weapons policy which he makes in
a BBC TV programme.

In tiie interview, to be broadcast
on Monday during Labour's animal
conference, Mr Weinberger says
that the party’s anti-nuclear de-
fence policies risk the break-up on
the North Atlantic Treaty Organisa-
tion.

He argues that the stationing in
tiie UK of F-lll bombers capable of
dropping nuclear weapons and the
bases for cruise missiles and nu-
clear submarines are in fact Nats,
not US, installations.

11 is highly unusual for members
of a government of a friendly power

to intervene publicly in the internal
political affairs of another country.
The contents of the interview are
believed to have been leaked by tiie
Pentagon, where officials are worri-
ed at Labour's anti-nuclear stand.

Mr Weinberger's remarks
brought an angry response from Mr
Dentil Davies, Labour's defence
spokesman, who described them as
a crude attempt to swing British
public opinion a gainst Labour in fa-
vour of the Conservatives.

“I think that Mr Weinberger is
very anti-Labour," he said. “He’s an-
ti social democracy in general. Con-
tries that are allies should not say
these sorts of things about eadi oth-
er because governments change
and they must continue to deal with
mw another."

Under Labour's defence policies,
Britain's independent nuclear de-
terrent would be scrapped, Ameri-
can nudear bases dosed and terri-
torial waters forbidden. to US ships
carrying madear weapons.

But Mr Davies maintained that
Labour remained loyal to Nato and
if elected would continue to commit
95 per cent of Britain’s d efenc e
spending to the alliance.

Pentagon nffiriwin have told US
journalists that the Weinberger in-
terview contained the strongest
wanting any leading US official has
given about Labour's d efe n ce poli-
cies.

Mr Neil Kmwnrir , the Labour Par-
ty leader, is expected to appear on
the Panorama programme next
Monday and to strongly deny Mr
Wmnberger’s assertions.

Shevardnadze attacks Star Wars

Continued from Page 1

is bring developed for a first
strike,” Mr Shevardnadze said, re-
peating an old Moscow argument
The first strike may become the
last one and not just for the country
which is attacked.”

He renewed Moscow’s willing-
ness to sign at any time, anywhere
a treaty on a total prohibition of nu-

Despite his remark about "evil
designs," Mr Shevardnadze’s tone
was much more restrained than
some Soviet statements of recent

years at the UN. Although he char-
acterised Mr Reagan’s speech as
propagandists, he said he did not
himself want to engage in polemics.

He made a brief reference to the
proposed second summit meeting
between Mr Reagan and Mr Mi-
khail Gorbachev and refrained
from criticising the US position an
this. "Let me say that we are far
from regarding our relations with
the United States as ThqMfag no pro-
mises," he declared. “Lately, encou-
raging outlines of meaningful.

agreements have been emerging. A
summit meeting is also a realistic
possibility. We could move forward
rather smoothly if that is what the
United States side wants.”

He m rate no mention of the case

of Mr Nicholas Daniloff, the US re-
porter who was arrested in Moscow
and accused of spying. The US has
tamed the case an obstacle to an
accord on the holding of a summit

Mr She v ardnadze and Mr George
Shultz, the US Secretary of State,
discussed the matter again today,

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UK steps in to defend pound

Continued from Page 1

ism. Britain does not belong to the
joint currency float, bat it is
thought that the Bank of England
was given a tacit pledge of assis-
tance from other central honk-i
AHhough British interest rales
are already well above those of its
major competitors, a further rise

couM send the pessimistic signal to
fin a nc ial markets on the general dir
rection of borrowing costs
Following the intervention, de-
scribed in Whitehall as relatively
modest, tiie pound, which h»d earli-
er dropped to a record low of to.Q on
its trade-weighted index, closed is
London at 69.7, 03 hi ghly inn on

DM £8708. Dealers Said trading
was busy with a hi gher thaw usual
volume of pound/D-Mark activity.
Although the Bank of England’s in-
tervention had helped support ster-
ling, some dealers felt the effective-
ness was wearing off by the end of
the day.

The vulnerability of staling has
come at an awkward time for the
British Government At the Group
of Five talks and the subsequent an-
nual meeting Of the Inte rnational

Monetary Fund, the US is expected
to step up pressure on European
governments to lower their interest

The pound edged shghtJy lower in
late New York trading to SL447 and

The Government had planned to
use the IMF meeting to remind vo-
ters that this year marks the 10th

anniversary of the sterling crisis of

im

The then Labour Chancritor of
the Exchequer, Mr Denis Healey,
was forced to turn bad; from Lon-
don airport on his way to Washing-
ton to cope with the crisis and even-
tually to negotiate an IMF austerity
package. The present weakness of
the pound, however, has ted to sug-
gestions in Whitehall that it might
not be advisable to make too much
of the anniversary.

Stewart Fleming in Wastington
writes: Dr Beryl Sprinkd, chairman
of the "White House council of eco-
nomic advisers, said yesterday that
tiie expects “gathering strength in
economy activity" in foe US econo-
my in the months abead.

Mid OtteK QmM. Jmmn
London Branch: M (011 B23-83W
Franriun Branch: W: <0«9) » « SI
Praia Re mwi nUSw OlSo t: Ttfc ffil) *2M 18 73

Bahra Rnraw SC, Zortav tet <m> *n to ti

fit* 1

THE LEX COLUMN

The Colonel’s
used car

- MUCH of Britain seemed to be

- gripped by flotation fever yesterday
i as thousands of investors prepared
' last-minute applications for shares

- in the CL5bn($2J7hn) offer for sa le
1 of the Trustee Savings Bank (TSB).

As today’s 10 am deadline

- loomed, TSB reported an extraonfi-

- nartiy high level of interest in the
issue and said people had been
flooding into its branches througb-
out foe country to hand in their ap-
plication forms.

In the Qty, London's financial
district, queues of would-be inves-
tors stretche d for up to ISO yards
outside the TSB*s Cheapside and
Lombard Street branches. Small in-
vestors with applications for shares

worth about £1400 seemed to be
heavily represented in the queues,
but some people were writing out
cheques for six-figure sum s. -
Mr Richard Bing, TSB communi-
cations controller, —w tfw bank
was delighted with foe response so
for and that tiie level of Intere s t
seemed to have increased substan-
tially in the last few days.

“It think tins is partly because
people have become aware that the
[jpnrTKnP fa apptOBChixig and parity
because of press comment in the
last week suggesting that the issue
is going to be a Hire-fire success,”
he said.

Ten designated branches of Brit-
ain's leading commercial banks will
be receiving last-minute applica-
tions this morning — seven of than
in London the other three in
Ed in b ur gh. They are expecting to
be busy and will open their doors to
applicants at 8am, or even earlier if
queues begin to form. Mounted po-
lice will be an patrol to help with
crowd control

Mr Ml Paine, semar registrar at
Lloyds Bank, the lead receiving
banker, said ogty semes as the
deadline aproacbed would be
avoided by allowing mnuyane. who
joined tiie queues ty 10 egs to da
posit their application forms
whether they were through tiie
doors by that time or not
The TSB repeated its w arning
that tough action would be taken
against people who submitted mul-
tiple applications. AD cheques att-
ached to suspect forms would be
cashed before befog returned, and
dear cases of multiple applications
would be passed to the Director of
Public Prosecutions.

"We are taking a very harsh fine
cm this: we want to make absolutely
sure there is no cheating," the bank
said.

Britain's hugest building socie-
ties reported yesterday that people

had been running down their depos-
its to pay for TSB shares. Some es-
timate that withdrawals from foe

buildfog societies alone would cover
tiw whole of tiie £750m parity-paid
issue.

Mr Tim MelviHe-Ross, rfifof ex-
ecutive of Nationwide Bufldiog So-
ciety; tans Of raiTHrawp of
pounds had been withdrawn in tiie
last week ami that the effect on
building society deposits had been
more dramatic than it was just be-
fore the British Telecom flotation
two years ago.

PUfy Stephens writes: The Bank
of England is not greeting the TSB
sale to create any particular strains
in London's wholesale money mar-
kets tomorrow. Unlike previous
privatisations, there is no flow of
cash from the banking sector to the
Government

The huge build-up of banking de-
posits before the sale, however,
could cause distortions in tiie Gov-
ernment's targeted measures for
tiie money supply. The British Tele-
com sale in November 1984 is
thought to have caused erratic
movements in money supply
growth for at least two months.

Estimating the possible size of
any distortions, however, will be
impossible until full details of the
size of tiie response to foe TSB of-
fer and the timing of alkya tiore
and cheque returns are dearer.

After foe largest rights issue in
Italian stock market history in
April, Flat looks set for the largest
secondary market equity issue any-
where. It is dear that Libya is sell-
ing its splendid counter-cyclical in-
vestment, at over 10 times the origir

nal cost ( exc l udin g rights subscrip- j- f Enough is, evidently, enough. The

tions), and that Deutsche Bank - I I luxury of watching foe market

the establi shed specialist in heavy 2 | J grind out of balance between dollar

lumps of motor equity by appoint- L a/. anri D-Mark was pimsani while it

mait to Daimler Benz - will be ^ lasted So long as the pound was

placing a portion round the world. 1 ■■■■ ■ ■ ho l d in g np reasonably against rmt ‘

The markets were quite happy to I I of these currencies, its movements

make up the rest of the story. While I I could be rationalised as mere fric-

Frankfurt was chasing up Deutsche ol i ■ I . 'J . flan in the foreign exchange Toft-

Bank’s share pare, Fiat was. rising 1984 as _ae chinery. Once it started to fall

in Milan at the fiftfog-of a substan- against both sides at once, there

tial political burden and there was ^ ^ cash flow is concerned dismissing the feet of ster- j

telk ofarfcrtrage oppOTti^ties^a ^ ]ustiiy ^ forfftwrefaMscsi uo tffectmrate ^

discou nte d placing to the bourse. ^ AhhouS^hieutial in foe below and staling, further f
Though the Kat holding company ®cond half could see acquiescence from the authorities -

and its friends are expected to take n^eS^ter ro would have begun to look like offi-

affjodp^onoftiiei^foem^ Srttftte SmeSnSi thesSe dal encouragement to selL *

^ouye itatyrmty sgfl be adeed . ^ 5^ interests.. Yesterday's demonstration that

to absorb over S2hn m Fiat equity. The real point is that, with Rio Hn- foe central bank was prepared to
Flat has been d o u b l ing its earn- to-Zfoc hairing predators .with its . *airw on the for ex markets in peak
mgs with metronomic regularity for 27 pe r wmi flip nmnpan y * trading hours, both dollars

three years and will probably -do so free to spend discretionary casta on ■ and D-Marks, at least the vir-
again this year . Whether the Iiby- such vent u res as its Indonesian ex- toe of befog a dear indication that a -
ans are simply c a l li ng xn tsar plorefian progr am me. Tjtumn prolonged sterling devaluation is
downstream investments to replace claims that this year it may have in- not the Bank of England's mandate,
lost prod uc tio n revenue, or are fear- creased its res erv e base in that But apart from its value as a signal,
fol for their overseas assets, the country by about 20m barreh which the mterventioil was of very short- J
divestment makes every sort of fi- will cost less than S5 a barrel to lived value; the bounce in sterling
nancial sense. No doubt tiie good Mug tntn production. Hie problem was flattened out by the twm-kraie fo
colonel has come to the conclusion fatE* the time has Wpassed amatter of bourn If ti* Bank* to
that a price/earnfogs ; multiple at 18 when the Lasmo share price can be make its point, it may have to re-
does not adequately discount Rat’s moped by wmilatfog maps of the peat the dnw*, and try for better
heavy dep en d ence on a protected Malacca Strait dotted with oily fimfag An early-morning ambush
domes tic mark et and foe somewhat hlobs. in the East, perhaps?

slower growth in store. It seems that Lasmo has givennp Hie alternative of punishment by

its plans far a merger with Enter- ^ interest rates is at nreserid

(totheFT-A
AB-Share Index
Yield)

Clyde's shareholders' funds wo&d
still greatly exceed its present mar-
ket capitalisation, it can afford to be
frank.

Sterling

t: SOV

slower growth in store.

in foe East, perhaps?

The alternative erf punishment by
tiring interest rates is at presen||

prise CH, and on December 15 it even! 'aum inconvenient thannsuaB
wmbefreetodiapcHecrfitsStekein Apart from the feet that widening

The market was nicely prepared foat company. Alth oug h BXZ has international rate differentials in
for a cut in Lasmo's interim divi- first refusal, ft would by then be the band market have already
dead. But the omission of any pay- possible for British Gas to ma te an failed to hold the exchange rate, foe
out at all, and no indication wfaatso- approach for p art of fo e assets -Rank has to consider tiie back-
ever about the final, was a genuine which it so nmch resented losing. If gmimH of a Conservative confer-
shock, sending the share price ETZ does not have a d ear ra n at ^ the 53^ of British Gas.
down below & before recovering to Enterpris e, its d eal to swap the Maybe the interval between these
UOp down 7p on the day. It does stohe in Enterp rise for one in Las- two events might be tiie point at
seem odd foat having earned 3.4p mo looks even mire dubious since which base rates couU be driven
per share, Lasmo could not at feast ft was struck Enterprise g share m onfei- to stiffen the currency
have paid 15p, representing a dia- 14 P er ceot > and provide a graceful slide down

tribotfon of foe ££3m of dividends Lasmtfs by 52 per cent towards the Gas flotation. The trou-

that ft ^wifi receive as 29J per cent Lasum has joined the list of oil Me with that idea, familiar and
s h a r eholder in Enterprise OB. But companies who have refused to conr c raniw rt i ng «« it tm> y ran 1 fa tv»n f
even if Lasmo proceeds to pass on cede the necessity of making sub* UK interest rotes are probably
all its franked income in the farm of stantial asset write-offs. Clyde Fe- quite high enough already; and foe
a final dividend, it is prospectively troteumhas broken with this tradi- Duke of York trick would be seen
yielding barely 4 per emit, which tarn by stating openly that a year- for what it is. The difficulty about

r>Ri i

state in Enterprise forme in Las- ^ might be foe point at

mo kxiks even rare dutnoug smee which base rates could be driven

will hardly turn a sell recammenda- end extraordinary loss of £25m selling gilt-edged these days is not

tarn into a bold.

might be necessary. But siru*» the yield -it is the TSB.

The concluding of an agreement with Monumental Corporation
of Baltimore will add another name to our two well established and
profitable US subsidiaries.

That's three good reasons why AEGON is the name to watch
on the international insurance scene.

W-EGON

NASDAQ trading symbol AEGNY

fk ^ To: Public Relations
Department
. AEGON Insurance Group . '
PO Box 202. 2501 CE The Hague.

The Netherlands.

Btease send me mom frrfbrmatbn about AEGON.

Address

AEGON insurance Group • International growth from Dutch roots'

u

Financial Times Wednesday* September 24 X986

Corporate

Finance

Assistant Director

“ “ w ihi i mk\i ucvoym cm twin H[fHHHTTTl|

our client, a prestigious mrrchantbank, has an
(setting opportunily fot an experienced corporate
financier.

Aiitt winy and a hi^kgei of responsibility coopted
with erceifcnc promotional prospects are some of the
attractive aspects of dug role, whicK will appeal to
individuals seeking a long term career move-

Manager

Corporate financiers with a mimimjm of two years’
experience in theUK Domestic market, are cuztendy
in great demand by die & Acgaisitiotis de-

partments of our American Investment Bank clients.
They offer die opportunity to join small but rapirfly
expanding - reams, where initiative and imib*iif
skills are essential, and where prospects are well
d*fin»d-

Please contact Lindsay Sngden AGA on 01-404
5751 or write to her at 39/41 Parker Street, London
WC2B5LR

Michael Page City

International Rf^ruitment Consultants
London Brussels Newlbfk Paris Sydney
A member of Addison Omsultancy Group HjC

Badenoch & Clark

F.R.N./EURONOTE SALES

£50,000 + Bonus

Our client, an International investment bonk ^xj pdme name
in the capital markets, is seeking experienced executives to
market short-term instruments to European efients, particular^?
in France and Benelux. -

Suitable applicants wiH have two years relevant Experience
: with a respected name in these markets^ and should be
' ambitious to further their career In a more challenging
and rewanfing environment

PRODUCT DEVELCWMENT

£ExceBent

An opportunity exists for a talented individual to further hW
her career with this learfing European Investment Bank. The
expanding corporate finance team requires an executive
experienced in matching the sophisticated requirements of
. international borrowers and investors.

. Applicants should have a strong knowledge of qualitative
-techniques and'of relevant; compiler' ^sterns. They should
be innovative in thefr approach Ip. unstructured problems
and should be dale to- temmudeete effectively both
‘in-house 1 and with dents. They ihbuid be capable of
management decision- making while recognising the
Importance of team effort. Remuneration is negotiable, and
should not be a problem for the successful app&cant
For a confidential discussion, please contacb-
Chtooph»r f.pmile—i orStaMtCBBari.

Rnarx^RecnitmsntSpecialists
16-18New Bridge St. London EC4V6AU
Telephone 01-6830073

Corporate Finance

£Neg

bonds to sovsndsn cnente mamly in the Scandinavian Region. 1
litt a major aecrii&fmhoQaa,tha8iiccBrfid applicant wflflr a ve flare to’
fo ur yea n ex p e rie nce of mraMfing and arranging b o n d jg ma t m d ttdi
Wifi probably have been gained in a hading taumg bonaa,

lYectsurer {Sterling) lb £30,000

A majnn Inbirnsfiire niif Bmiiritl ( i u H l irf ln n Miwfai MrtedWdmlr '

experience! in bonovinx ritafei fron d ife® ftrandal inatftotiona, Id
provide mortgage fund* nr chants. An mcefinft cener opportunity for
n li wai fy mJ] fai thk mate.

Spot Dealer £ Neg

A fuUy flodgrri apot dealer with axpraoence of my major c ur renc y k
songht ty par client. a wpotabls Enrtmetn Bank. Yon wlfibe (aimuge
dy n emi c twin w n m n ymutihw will be negotiable iwy U nj to eg r» iwt
wperienos.

Bond Portfolio Manager c£20,000

Aged M-28 haring managed * Bond Jbrttolfo lor rtlaaat tjmwaoan. fin
soccwafnl candidate will nnra nperienceuf fixed intent booiVRN’i* •
asset foods and currency tnuhng. A baric knowledge of Eurobond

— Wlwi l«i i)« if p r riwr a WUi

Fund Manager c£20,000

Ibp UK Merchant Bank is seeking to supplement Hs rapidly wpaxBng
Iuwnimant department with an aodiHona find manager apwrielhring in
the iminagejmert of abort term money market portfolios. Aged addin fate
twenties, applicants should fam hid at least two jno of irfasss*
hawt menl wqw ri encn. Scafiant prospects adst Watt this market landte

Account Officer c£20,000

Well established and ngeidad Emopean Bank Uda a highly mo t i vate d
Credit officer to be responsible for a portfoHo of pndonmanfiv UK
r n mns tilac fa ndrftffan ffl wwffl tinring fry ifH wp TinillMHf DD Q Wul alflO hfi

01-588 4305/6 Moorgate Hall, 353/157 Mooigate,
LONDON EC2M 6KK

Appointments Advertising

£41 per single column centimetre
and £12 per line

Premium positions will be charged £49
.per single column centimetre . .

For further information, call;

Louise Hunter: 01-248 4864
Jane Ii?midge: 01-248 5205
Danid Berry: 01-248 4782

JOBS

Trouble looming for UK professional people

BY MICHAEL DIXON

IT B ft eaf e tot that while many
readers wtH be professionally
qualified Europeans, few Will
know a t an foqpendlhg inter*
veotibQ in their prerfeMtonaT
affairs.

- Why it ebonld be unknown to
most of ttte people who stand
to be affected anay at first seem
a hit of a mystery, because the
Intervention has been tinder
way ior the past quarter cen-
tury or so. But the mystery is
cleared up by the fact Out the
intervention is being attempted
by the European Economic Com-
mission, which has notorious
difficulty in getting citizens of
its member countries interested
in its activities no matter bow
much it pubKctaes them.

The typical aloofness of the
British towards goings-on else-
where in Europe was long ago

aysnbolised by the newspaper
headline: “ Fog in the Channel
cuts off Continent" It Is not
only the Brils, however, who are
less (ban electrified by the
machinations of the EEC.

. Bence (me of the main reach*- .
tions passed by leaders' of the
European Economic Com-
munity’s countries st their meet-
ing two yean ago. They decided,
that the community still m ean !
littffe or nothing to most people
nominally belonging to it, and
Chat it must do something quick
to make them prick up their
ears. And hence in tm m the
sadden looming of toe long
rumbling Intervention.

Its time-honoured aim Is to

enable people deemed qualified
to practise a profession in any
one of the community’s states
to do the same in ail id the
others, whether In a self-
employed capacity or on some

organisation’s payroll. The only
grounds on which a state could
bar outsiders would be If the
job they sought involved the
“exercise of official authority”
or U they could be shown to he
a threat to public order,
security or health.

On tiie face of things, that
prospect ought to be attractive
" to the assorted professions con-
cerned because it would con-
siderably broaden their mem-
bers’ working horizons. But the
EEC has made singularly little
progress towards making the
aim a reality.

When it started hying well
over 20 years back, it concen-
trated on particular professions
with a view to getting each of
their European branches to
accept the others’ qualifications
as licences to practise.

_ . The first profession in which
broad agreement was achieved
—and drily enshrined in specific
EEC “ directives "—was medi-
cine, Then followed . several
types of work allied to
nuriMiw •, including nursing,
veterinary surgery and mid-
wifery. Certain aspects of law
practice were also brought
under the umbrella. So, after
years of bickering, were
architects.

But the process of bringing

In different professions one by
one has proved much like
attempting to bottle fog. The
effort to . establish a directive
covering engineers, begun in
1969, remains unsuccessful. And
even though community-wide
scope for medical doctors has
bear agreed on paper, some of
the individual states are stm
resisting it in practice.

Consequently, when the
leaders of the European
countries told the EEC that it
must start doing something to
get itself noticed, the com-
mission decided to gee-up pro-
gress with the professional
intervention by adopting a
different approach. Instead of
trying to pick professions off
piecemeal, it decided to bring
them in aH together.

* To that end it has now pub-
lished the draft of a general
directive which would give
community-wide rights to
practice to all people whose
professional qualifications
measure np to certain specified
yardsticks.

The trouble is that the most
important yardstick chosen by
the Brussels-based Eurocrats is
me which implies difficulties
for many British nationals at
least. The key measure for
fudging whether or not people
are professional enough to
practice throughout the com-
munity would be whether or not
they have successfully com-
pleted at least three years of
full-time “vocational education

in a university or equivalent
limitation property accredited
by one of the EEC states.

Since the draft directive
specifies full-time higher educa-
tion, the right to community-
wide practice would evidently
not be enjoyed by people who
gained their professional
qualification through the
medium of part-time academic
studies, or by practical train-
ing. And there are large
numbers of British professional
people who have qualified by
those alternative routes, even
though their counterparts In
most other European countries
gained their status by full-time
studies.

So if the directive were put
into force, it would seem that
a lot of British professional
workers would be barred from
practising elsewhere in the EEC
at the same time as being ex-
posed to competition in their
homeland from professionals
from other European countries.

As yet, of course, the direc-
tive has not been Implemented.
Another fortunate thing from
the viewpoint of Brits who
stand to be adversely affected
is that the House of Lords
select committee which keeps
an eye on EEC developments
has recommended the United
Kingdom Government to tell
the commission to scrap the
studies yardstick and try again.

Even so, British readers
whose interests are at stake
would do themselves no harm

by writing to their professional
body enjoining it to back up
the Lords committee’s recom-
mendation. with full vigour.

Exploratory

LIKE most folk who want to
do something new, Bristol Uni-
versity's eminent Professor
Richard Gregory and his asso-
ciates have met repeated
obstacles in their effort to pro-
vide people ignorant about
science with a different means
of learning about it But their
project to set up an “ Explora-
tory ” equipped with hands-on
devices by which individuals
can teach themselves scientific
principles, is now evidently
ready to go.

With the aid of grants from
numerous charitable bodies, in-
cluding £250.000 from the Nuf-
field Foundation, the Explora-
tory is set to open its doors in
Bristol in March 1988 with the
object of attracting 200,000
visitors a year. To achieve the
launching, however, it needs
an executive director.

The job — being offered
through John Hollingdale of
the Bristol branch of Deloitte
Haskins and Sells — requires a
commercially effective person
with all-round managerial skills
with an interest in promoting
understanding of science even
if lacking any academic back-
ground in it Whoever gets the

post will be supported by a
team of seven.

Candidates will also need to
be prepared to start In the job
at a salary of around £ 18 , 500 .

Inquiries to Ur Hollingdale
at Bull Wharf, Redcliff Street,
Bristol BS99 7TR; telephone
0272 20514, telex 449263.

Consultancy

JOHN BANKS, one of the three
partners of the Cambridge Asso-
ciates m anage m ent consultancy,
seeks a fourth partner to extend
its activities in helping busi-
nesses to develop and operate
effective planning, and provid-
ing expert advice* on other
aspects of information-handling
technology and techniques.

Candidates should have
gained practical experience of
devising business plans while
working at executive level in a
successful company— not neces-
sarily IBM, even though that is
where all three present part-
ners came from. Other require-
ments are a demonstrable .un-
derstanding of what kinds! of
information managers really
need, and the ability to write
interestingly as well as clearly
about business and technical
matters.

Starting salary at least
£25,000. Car among perks.

Inquiries to Mr Banks: at
Parker's House. Regent Street
Cambridge CB2 1DP; tel 0223
354644. telex 81367.

Chief Executive

MIDLANDS MERCHANT BANK

A small group of leading investment Institutions is proposing
to support and fund the creation of a new financial services
business in the Midlands which wOl comprise many of the
functions of a conventional merchant bank, including venture
capital fund management (BBS and institutionally-backed
funds), corporate finance, pension fund management and
insurance services.

-A Chief Executive is sought who will bead up a small team
and who will play a major part in determining policy as
well as strategy.

This is an outstanding opportunity Air a person of high
calibre to build, from a limited existing base, a business
which could become one of the principal components of the
MMi»nrfii flnmiriri community.

The successful candidate will have a Midlands background,
probably aged 35-50, with widely-based financial and invest-
ment experience both in the Midlands and in London.

Be will probably, but not necessarily, come from the
corporate flnmwy department of . a major merchant bank or
stockbroker.

An equity holding win be an important element in the
benefit package, the terms of which can be flexible and are
likely to be attr act iv e to the right person. *

Candtdatesthould apply to: Bats AOOTfl, Fmtmdal Times r -
JO Caawm Street, London BCfi* fflf -

Senior Positions — Banking

HEAD OF MONEYMARKETS
LONDON

FRN TRADING AND SALES
LONDON

DEBT SWAPPING/
CORPORATE FINANCE
NY/LONDON

NEW PRODUCTS
DEVELOPMENT
LONDON

Primp Tm reatmAWt ftanlr gwafaWwahing ai mnp**y mar lcpf trarimj

presence in London. Aoampetent individual is needed to
lake fun responsibility for developing this divisioiL

Major Investment Bank expanding FRNQperaiionrequires

Leading Wall Street Bank looking to enhance market
An individual is required ^ with either corporate finance or
treasury background; exposure to swap fadlilated
capitalizations an advantage.

LeadingUS Investment Bank. Akey link between the
origmation and the syndicate, swaps and raleatoading
functions. Good overall exposure needed.

For farther details please write or telephone in strictest confidence
quoting ref. NJAP tor—

Rochester

Becrnament

Limited

0

HACbOageBm.

L6qdmH04RflRP

Telephone:

01-8488348

Shepherd Little & Associates Ltd

Banking Recruitment Consultants

HEAD OF DEALER SUPPORT

circa £25,000

The emphasis in this assignment centres around attaching a sound fqan-manager with
well developed 'leadership skills, following on from this our client, atnalor UA firm, is
seeking experience If possible gained In settlement of money marker Instruments and
eurobonds. You will take charge Initially of a learn of up to twenty — there are excellent
chances tor further career development with this leading Arm.

- Please contact David little

BUSINESS DEVELOPMENT

OFFICER — PROPERTY £17,000 plus car

As a result at expansion our client, a major UX Finance House has Iwo vacancies within its
commercial division for officers experienced In business development. Candidates will
be expected to have well developed credit skills and some knowledge of lending to the
property sector combined with the drive and enthusiasm to develop their own portfolio ot
clients.

PkxxettmkxxCtvWno&ayton

INTERNAL AUDIT to £18,000

Our Client, a specialist banking subsidiary of a major International banking group with
overseas operations In Hong Kong, New York and Sydney, is seeking to recruit an Internal
Auditor. The role will be number 2 in a team of 3 and Is open to either Chartered
Accountants or people with previous audBtlng experience from within a banking
environment All areas of the bank are covered by the audit team and this opening
therefore represents an Interesting career opportunity. Full banking benefits apply.
Please contact Madeleine Price

U.K. EQUITY SETTLEMENTS

Two of the best known name* In the CHy, ranking amongst the most powerful of their kind In
the world, are building UJt equity trading and sales divisions Into their London
operations. They seek the most talented settlements specialists in Ihe City today — atony
level. Apart from simply knowing what a transfer document Is or how the Talisman system
works you must be hard working, dedicated and highly efficient. If you can rise to Ihe
challenge of helping to set up these departments, whether you have two or ten years
experience, they are willing, within reason, to pay whatever It costs to attract your
knowledge.

Please contact David Uttfo

JRidgway House 41742 King William Street London EC4R 9en
Telephone 01-626 1161

GILTS ANALYST

required to assist the Fund Manager. Broad experience of all
fixed Interest markets indtidtug cash instruments necessary.

UK EQUITIES ANALYST

required to join team and assume rffipopsIbUity **
of sectors reporting direct to the Fund Manager. Not less than
two years* experience as UJC. Equities Analyst necessary.

The above are required by a major City investment institution.
A competitive salary • package is available for the successful
candidates. .

Apply with full curriculum vitae to:

BoxA0282, Financial Times
10 Cannon Street, London EC4P 4BY

Excellent career

OPPORTUNITY IN
MERCHANT BANKING

A?EZ Merchant Bank is the International
investment bank of the ANZ Group.
Withheadquarters in London, and offices
in New York, Tbkyo and Hong Kong, it
combines the securities expertise of
CapeKkro Myers, a leading London
stockbroker, with banking afcflte ftom
other parts of the (hoop.

Wb need another young banker in
our banking department to help us
structure and deliver innovative
fi n a n ci n g packages to both major and
medium sized corporate clients.

The person, we are looking tor Is a
graduate, preferably with a legal
background and a strong academic

record, in their mid to late twenties.
You win probably have two to three
years corporate banking experience and
excellent analytical skills.

This is an outstanding opportunity
to advance your career ^ with a successful
team. The remuneration package, which
includes competitive benefits and a
bonus scheme, is folly negotiable, and
wfll reflect yoor experience and
abilities.

Please write in strict confidence,
with personal and career (toils to,
Paul Adams, Personnel Department,
ANZ Merchant Bank limited,

65 Holbom Viaduct^ London EC1A 2EH

CtfmlluKEB

BwnBtaRB

SmruwT BnottB Sanyo

OuraureFtHuai

Nrtbtrai

iwRinKKAI. BotB

bnHanMAMTUwuaBir

ANZ Merchant Bank Limited

66 Htibam Ybttoet, London EC1A ZED. Itt 01-4880021

TOKTO • HONG KDNQ ■ NETODSK
md

throogh Grwqi rept esanUrtlnn in 47 coapfajet
Manberaf (he ANZ Group

Needed Immediately
A MARKETING

and

A DVER TISEMENT
EXECUTIVE
for as

AFRICAN WEEKLY
NEWS MAGAZINE .
Salary and Commission
Negotiable
Call: 01-633 3601
Ext 24 or 25

INVESTMENT & PORTFOLIO MANAGERS!

ARE YOU TIRED OF DOING AIL THE WORK,
BRINGING IN ALL THE PROFITS AND STILL
BEING JUST A SALARIED EMPLOYEE?

We an a Swi« based group o* global ueet manager* wishing to expand
in the UK. Far this purpoei we would like io far from smell teems
of Inve s t men t or portfolio mi nepers who would like to gain independence
end accumulate cepftef by lofnfng our nawfy set up London office.
It you think you. have what It takes to run your own show and. ’more
Importantly, your clients agree with you. drop ue a' line With your CVs
end a business proposal.

Write Ban AJX2B9, Fm*neM Timet
M Cannon Street, London EC4P4 BY

A NEW AND BROADER BHALLENGE
FOR YOUR SPECIALIST SKILLS.

The Corporate Treasury Consulting
Group is an active and growing area within
TbucheRossManagernerrtCOnsultBnts.More
arairwHecompaniesarecocTOigtofeaBsethe
benefitsthatspedalisttreasury knowledge
can bring to profitability and liquidity Many
of them come to Touche Ross for guidance.

Our clients range from manufectur-

ing companies to financial institutions of a H

types-Theworkisvarred- it spans activities
which include domestic and international
cash marwgement foreign exchange poficy
finandngarrangemerrt^bankrelatiori^ups,
treasury systems and tax related planning.

Ours is a young, informal environ-
ment probably of particular appeal to [xo-

fessonals in thek early 30's with a first
degree or accountancy qualification and
possiUy an MBA.Currentiyyouare working
as an Assistant fieasurerin a large company
orasaTreasurerinasmaUcompanyYouare
able to dearly demonstrate a record of
achievement

So if a new and broader intellectual
challenge is the motivation you seek make

contact

Career prospects are outstanding
and salaries are substantial A company car

is pnmded. Please write withfuRCVOn strict
confidence) to: Derek Ross (Ref. 27021
Touche Ross & Co, Hi House. 1 Uttle New
Street, London EC4A3TR.

& Touche Ross

Manag ement finmaihanfa

r

Credit Analysts

A range of challenging opportunities exists for high calibre credit analysts with a
minimum of one year’s experience.

You must have excellent analytical and communication skills, and a knowledge of
capital markets products would be advantageous.

If you have the technical and personal qualities to rise to a challenge and take
advantage of the career opportunities it will provide, please contact Fiona
Co llins on 01-404 5751 or write in confidence to Michael Page City,
39-41 Parker Street, London WC2B 5LH, quoting ref: 3679.

I_

Michael Page City

International Recruitment Consultants -London Brussels NewVbik Paris Sydney
A member of Addison Consultancy Group PLC

J

Credit Manager

North West location

Major Financial Institution Salary to £21,500 p.a.

Him W jrfi lunlr i ng w pni rttMi ji p m J :

already succcasfiil cad op erati on and n o w acd s» highly
professional Oedir Manager far ths fat-moving sector of
its business.

The Credif Manager win control overall aeditifaacknii

■■■rimiing jijp feomjr and tKnhumcv

rps pr ir n ritTilitM-n frrcunqimw fr ^iK ywwi nn^ t WB hi B | BdWQ
nn Vg«l aivf ftm H k Th, ■Iw p lui BHt nfrtff'

a]XI l ire I" nMH»w w wi»»ffnT»H*«hH

emna i ve e x pe ri ence at a eemoclcm in a ptotticcartl
operation within banUofc fiuanoe^ retail or aaodHed
sboool The control of credit standards and

B\

authoriteriboi toast have been a hjefr priority.

The job holder Aonkl be dfevniihe ongoing; real poritiye

and tire bcritos* plaii.A profesaonal ^ycpadi» adniMstMi on
witopreviOuaiTigTMgrrialre^KMiiaflity a aought. Strong
saerpecunal dolls soda keen desire to achieve measurable results
•wfll also be imxxiai& attributes Ac pom apprised.

The port will suit a dynamic selfstarter probably aged late 20’s
«nrid3tfa who is able to get this new section off the ground and
He grow with it.

Tb apply please send fell career
current salary, or telephone fcr
An8e3nWm i n£AAa^04M

together with
ration fenn to:

PA Personnel Services

£xta^rvtSttrek • Sdacaow ■ P lychomttr i^ • Re miB tera at m Or PerxM>tetC<madiarxy

PonnOri n Const, fltT I\miila1ii 111 m l. Man d wter MT 7TTT

’Ul 602364531.

SPE<

Wfest Midlands £ Highly Competitive

Ernst &. Whinney is one of the foremost
firms of accountants and financial advisers with
a major presence in the West Midlands.

Continued growth of the firm’s insolvency
business has generated additional opportunities
for insolvency specialists, with varying levels
of experience who will make an early impact
within an already dedicated and successful team*
Responsibility will be for a range of receiver-
ships and liquidations that will fully test tech-
nical knowledge and managerial skills.

Remuneration will present no difficulty for
the really able candidates who will particularly
enjoy working with the resources of this national
and international firm. Prospects in the medium
term equally will be first class.

Please write with full cv. to John Kelly.

Equities,
Gilts and Bonds

D3J International Limited is the merchant banking subsidiary of the
Industrial Bank of Japan. Together with our bond trading and underwriting
functions we have a feat growing investment management activity based on
blue chip institutional dients.

We are now seeking applications from professionals with good experience
in the management of equity, gflt or bond portfolios. We expect the successful
appficartf to have a good academic record and be m their 20 b or early 30k with
die flak and initiative to confcr&ote to die continuing growth of this busy
department

We are able to offer excellent career prospects and a competitive salary
commensurate with your experience together with the full range erf banking
fringe benefits.

To apply please write, enclosing career details, to Ian Matheson, A ssociate
Director;

IBJ International
Limited

5 Queen Victoria Sheet London EC4N 8HR.

Singer & Friedlander Limited is seeking to
appoint an additional executive to join its long
established Investment Department in the
Leeds Office.

Suitable candidates will have experience
r in investing internationally aswell as inthe U.K.
• for private client portfolios and pension funds
on a discretionary basis.

The ideal candidate will be keen to work
in a small team and wish to live in Yorkshire,
but have the same facilities as in the City of
London.

Career prospects are very attractive and
the remuneration package, including a profit
share, is competitive.

Written applications with full curriculum
vitae should be sent, in confidence, to:

T.S. Rowan, Executive Director;

Singer & Friedlander Limited,

National Westminster House; 8 Park Row.
Leeds LSI 5BQ. - ...

Member of the Britannia Arrow Group.

Ernst &Whinney

Accountants, Advisers, Consultants.
Windsor House, 3 Temple Row, Birmingham B2 5LA

We have been retained by two international banks who wish
to actively expand their Corporate Finance activities. As
CnWnV ATV sucf i, they are seeking individuals with a

kJIX/l 1 Lj minimum of 3 year’s experience In the

V-'L/lYl. 1 Lj minimum of 3 year’s experience in the

rrKT A \Tl~ l V marketing of a range of Corporate Finance services,
r LL\/xl\ \^Li These individuals will be responsible
MARKETING for both obtaining additional

. ron nm business from existing clients
tO ljv,UUU as well as identifying new areas W-

ofoperation.

m i n ritnfn rr Hit *frfr~ Htf — M ~ C 72 SM fc ' PluC Ulcllll lNaC

■wJbH ^ <CyteAlreaM»WHfcakAhR,Oi>ci i#hwwtrnnnJf i iiNl l 7 $

Carrington Housa, 130 HagastStTM^ London W2RSFE,

Institutional Sales Executive

Develop your sales career with a

leading Investment Management Finn

This position offers the opportunity
to move into a sales role with one of
the most creative and progressive
firms in the Investment Management
field.

Working directly with the
Associate Director of institutional
Sales in the London office; you will
promote a superior range of
products and services to clients who
rank amongst the most prestigious
institutional investors in the UK and
on the Continent

The Company has done everything
possible to ensure your success by
providing the best in-house support
systems available They have the most

skilled professional teams in the
industry as well as advanced research
capabilities and sophisticated
computerised technology

You are likely to be a graduate in
the age range 25-35, with a thorough
knowledge of die investment
industry and previous experience in
institutional sales. The Company
otters an outstanding compensation
package which indudesacat

To apply, please write with CV
to John Sears, Cavendish Court,
11/1 5 Wigmore Street,

London W1H9LB
or telephone: 01-6293532.

John Seais

VENTURE

CAPITAL

An independent venture capital company, owned
entirely by its management, seeks another member
for its small executive team. An additional £i 5 m
of institutional development capital has recently
been raised bringing the total under managem ent
to £30m.

Preferred candidates will be in their thirties and
have worked at least five years in venture capital
management They will be capable of handling on
their own all aspects of the search for good
investments, the structuring and negotiation of
transactions and the subsequent monitoring of a
portfolio. They must be able to play an active role
in advising and assisting the companies in which
investments are made..

The successful candidate will be offered equity
participation in the management company as part
of a competitive remuneration package.

Reply with fuU curriciduin vitae to:

Box A0Z7O, Financial Times
10 Cannon Street , London EC 4 P 4 By

8 a

1

financial Times Wednesday September 24-1986

n

SYDNEY

lonathanW^ 11

LONDON ▼ V

HONGKONG

c£50,000 + Bonus + Benefits

A newly formed Eurobond operation, part of.a well;estdblislied international fit^nrigl services
group, is currently seeking a senior Eurobond Dealer to recruit and lead a team and develop its

Ibis exciting opportunity would ideally suit candidates wbo wish to develop in terms of
management experience, and are proven self-starters. With .die tide of Manager and reporting to
die Director in charge, applicants should have the maturity to co-or dinate a separate profit-centre
and the drive and energy to make- it -succeed. A sound undeistaxiding of all aspects of the
Euromarioetsisaprereqiiisite.

An attractive salary package including a performance related bonus will be offered to suitably
qualified candidates. . -

Interested applicants should contact SaDy Pqppfctoii, Manager, Securities Division on
01-404 5751, or write tx> her enclosing a comprehensive curriculum vitae at 39 -41 Parker Street,
London WC2B5LH, '

Michael RageCity

International Recruitment Consultants-London Brussels NewYbrk Paris Sydney
A member of Add3son<3on$iitta^^

Mk. ; K ‘:. - -i . .■% v" ' *- .. ^1

WE ARE MOVING

Over the past 18 years we have expanded as
the banks' requirements have changed and
grown — into capital markets, leasing,
investment management and financial services,
commodities, stockbroking and temporary staff,
white retaining our underlying speciality of
recruitment for the commercial and merchant
banks.

Our growth, fuelled by the excellent
relationships with virtually all the banks in the
City has led to the acquisition of new, larger
premises at:-

No. 1 New Street,
LONDON EC2M4TP.

Our telephone number remains:-
01-623 1266

i. ^ ( »; t > T ■ H "I" '> m t

in[i) 1 i * r «_i r« m

DANK

MARKETING
AND
DEVELOPMENT
MANAGER

gaif,q

... hffTgjff ;

1 rTToH

[mi* * » i »1ii » V -7? •

lA^#rJffi!?rtingtothe * C

GcheralMaiiager-Bankit^you^ IN PROMOTING OUR
HESS’ ORIGINAUIY WELL PLACE

GREAT-DEMANDS ON YOURS.

implementation of marketing sales '"V

plans as wefl assuring closely "T^Wiixr

whh other departments in me • J)AVb OL

devdotHnentcrfnew services and m W #nn/^cnrn

sales techniques. 'HCUbr 'fcK

Ideally in your late twenties or
e ady thir ties you will have a good
degrceand be a qualified, banker.
You wiBhavei at least five years*
banking experience, be able to

|g§gS

!•-; 1 ■ ,T -- ■A/Vl

I , '!• I *] M.'I » T -. : » > k 11 J

contributory benefits including
pension, BXJPA, and Hie-
assur ance.

Please write in the first instance
enclosing a full CV toe
Kieidi Nicholson, Personnel
Department, Save and Prosper
Group Ltd, Hexagon House,

28 WestemRoad, Romford,
Essex RM1 3LB.

J omthan\\^€n _

Recruitment Consultants ^ »

No. 1 New Street, London EC2M 4TP.Tel: 01-623 1266

A

Diplomatic

C ha S e ng e

fora

Persomei

spedafist

One of file largest international
banks, winch offers a full comple-
ment of banking products and
services to its extensive client
base worldwide, is seeking to
recruit a senior personnel officer
for sis expanding London brands,
■winch employs nearly 100 staff.
Reporting to fixe Head of Adxmm-
stxafian, you will be responsible
for all personnel matters and
procedures and. have a direct
input into day to day problem
solving. You wiH enjoy a high
profile and maintain dose contact
with the bank’s senior manage-
ment

Probably in your 30’s, you have a.

minimum of 5 years’ general
personnel experience, preferably
gained in a financial environment
Adaptable and diplomatic, you are
mature, level-headed and possess
highly developed communication
drills.

This challenging position offers a
salary of circa £20,000 - £25,000
phis excellent banking benefits.
Tb apply, please telephone or
write, in complete confidence, to
Matthew Wn^ of Cripps, Sears &
Associates Limited, Personnel
Management Consultants, Inter-
national Beddings, 71 Kmgsway,
London WC2B 6 ST. Telephone:
01-404 57.0L

Cripps,Sears

fcv -irit+X'

Account Officer

UK Finance Houses

The AAA rated Swiss Bank Corporation is one cf
the largestbanksin Swrtzertand with a major
presence in international finandaJ markets .*■ .

TheCily based London Office requiresan
account officer to expand the banks* business
‘IntfwUnitecfKingdcxnNMfjfinanc^hstKiitioRS
other than banks. Responsibility is for market-
ing, credit appre^ and managen^
portfolio in this area ofincreating impodanca
Candidates should have 3-5 yearfc experience
in the field and be educated to degree
standard.

Salary is negotiable plus excellent banking
benefits including company car:

FulJ curriculum vitae to Christopher Jansen
Vice President - Personnel . V •

STERLING T. BILL/CD. TRADERS

SALARY: £25*35,000

Prestigious UK Stockbroker is seeking to expand its activities
in the Sterling money markets. Candidates should have
a Tntwhwum of two years' experience trading cash money
market instr umen ts gained- in an International; Banking
■ environment. Considerable autonomy win be given to' develop
a profitable trading, operation.

FOREIGN EXCHANGE DEALER

SALARY: £25*35,000
A major international trading bank requires a. Foreign
Exchange Dealer with at least three years' experience trading
major currencies.

SETTLEMENTS MANAGER

SALARY: TJP to £301000
US Investment- Bank' intending to est ab li sh , a JUK Stock
Exchange division requires a highly motivated individual
with several years' experience.

Please contact Catherine Vfrr on 01421 1942 or
write to her at 18 Rood Lane, London EC3M 8J\P

BRUNEI. BANKING

Executive Search and Se/ecften Consultants

BM/tNGHAH BKfStOL, CAKDtfF, GIASGOW, LEEDS, LONDON, MANCHESTER, NEWCASTLE, SHEFFIELD and WINDSOR

Assistant Actuary Up Jb £ 30,000 per annum, Car

Part-QiioJified Actuaries up ibM 6 ,ooo per annum
Trainee Actuaries upibsu,ooo per annum

business nffam potiefes in all products. Within u.K. t here bed
emaentiy.800 employees in 30 l oc ation s with assets in excess of £600 nnllicm.

At the senior level the successful candidate will become a key member of the
nunff g fnmmt team, r w l d ng decisions that are vital to the success of the C ompan y
At all levels day to day activities could range from fixing premium rates, or the basis of

enxmnder .values fin policies, to designing new types of policy There will be
involvement with all aspects of Ufr work fri d ln d ’ Og muring T wrnmnwmrigHoim mi
g ^ to fa ^dog maA* penetration, pensions, valuations, statutory returns, and

-A gnat variety of earner opportunities are available for men and women who have
a wan mathanudfcal mind, and an able to communicate clearly to non-experts. %u
will need a co mmerc ial outlook, and will work regularly with computers to .develop
mod win and cany out the multitude of calculations required for effiy-ti w manag em ent
ynd fore casting .

The excellent bene fit s iimlnAw a. subsidised mortgage e nd in case of tfw

senior position a company car is provided.

Male or female candi d ates should submit in confidence a comprehensive C.V. or
telephone for a Rs»ooal History Rum to M. Stain, Hoggett Bowers pic, 1/2 Hanover
Street, LONDON, WlRBWB, DH34 6852, quoting Jfe£ 8013 /FT.

Baltic Unit Trusts

£ 50 , 000 +

DIRECTORSHIP AND EQUITY

Baltic Trust Managers Ltd is seeking to recruit Senior Executives in the

following key areas:

INVESTMENT MANAGEMENT

with UK, US and other international expertise

tCVJ u:, l we* »V, I Id to ¥ ’JS* V (•)vl

with unit trust expertise

• tfey MiT. i rtOl W ^ *4 in u ICO

Ideally with unit trust expertise

Substantial salary and capital incentives will be offered to top calibre
executives with experience and a successful demonstrable, record.

Baltic Ttust is part of the rapidly expanding Nevi Baltic group, backed
by one of Europe’s leading Insurance and financial service companies
controlling assets in excess of £2,000 million. It is a City based unit trust
group with advanced plans for offshore funds and other developments.

These positions are among the most challenging to be offered in the
City and will provide career satisfaction and the opportunity to help create
a dynamic new City institution.

Applications will be treated in strict confidence and should be
addressed to: _

Baer A Jeffreys, Managing Director
Baltic Trust Mana^rs Ltd, 20 Chlswefl Street, London EC1Y 4TY

BROWN SHIPLCT UNIT THUST MANAGERS WD g

s

UNIT TRUST SALES MANAGERS |

£20,000 -£30,000+ Bonus 1

g

e

Broom Shipley UhtiT!nutl£uuyez8 lid uasuhsidiaxy of th® wen-known axid highly ^
If mc<yff^lIfr« l ^SiiplgyGto!q^ The Co uipMjy^ e^aandinqpcartfc^ erf unit trosts has 1

■S 1 tt * «!><« — eS% - An Uo# fi t r o mow P

5 Aaparfofite continuing erpRiwicm, the Coinpaiiy now wishes to recruit a farther three §

S IJzut Trust Sales Managers — two of whom will be based in ttie City covering London =
1 . and tire East and the thhd baaed in and ewroring the North of EnrfSnd. The |

g Company sells its products maiiily through stockbrokers and FIMBRA xnembers, s

AreyoueammgC^^OOHETOaOOO P*. and o wk inga
S^hftdbcfWtwrisuccassME^^

1 The remuneration package will include a c omp etitive basic salary and a range of |
B 'frAM«fitg inghidmq a company car. A owfonTtance-iielaled bonus scheme could add 1
3 / substantially to total eainnigs and, where relocation proves necessary, all related |

you to WentHy those unadvwtfeed vacant*#.

we can befoyou. if you are currently i
Executive Expat Service. • .

to assess tf
asXforour

Equity Investment
Manager

In the past 5 years the assets of the DRG Pension Fund have risen from
£120M to £270M, with further significant growth anticipated. The Fund is
successfully managed In-house by a small expert team in accordance with
strategy determined by the Directors of the Trustee Company. The Fund
is entrepreneurially managed and emphasises investment in small
companies.

This is a new position which will have prime responsibility forthe
management of the equity portfolio currently worth £1 60 M. The ideal
candidate will have several years 1 experience in the management of
Institutional equity portfolios with proven performance.

Salary and benefits will reflect the specialised nature of the work.

Please write with CV including details of current renumeration to:

Conmiugbt

01-7343879
CM boon)

PJoaaw apply in writing to:

Bead of Gump Baaxoqane! & Adamustta
THE BR0W2TSH1PLET GROUP,
Houndbra Court, Lotbb aiy, '
London EC2R THE.

Ilh* Executive Job Search Pr^skH^I

DRG

J D Maddocks, Staff Manager, DRG pic,
1 Reddiffe Street, Bristol BS99 7QY.

DRG is an equal opportunities employer.

v

IV

Financial Times Wednesday September 34 1988

Treasury

International PLC
(London)
c£29,000+ Volvo

This progressive muifrWlBon pound
international consumer products
company has grown rapidly through a
series of major acquisitions. This
growth has resulted in both a significant
increase in the level of corporate debt
and a substantial change in the pattern
of cash flows. In order to manage the
increased scale and complexity of its
financing operations, the company is
installing new treasury systems and
recruiting significant numbers of
additional treasury staff.

One position that requires to be
filled as soon as possible is that of
Assistant Treasurer (Administration),

who will have immediate responsibility
for installing and implementing the
new treasury system.

Ideally candidates wffl be graduate
qualified accountants aged 28-32 and
be members of the Association of
Corporate Treasurers. Experience
should include at least 3 years in a
treasury environment with a strong
systems emphasis.invotvementin
international treasury operations, and
upto date knowledge of leading
treasury software packages.

The company is keen to provide
opportunities for growth within the
organisation and the Assistant

Treasurer's position will, depending on
performance, offer an excellent career
progression. The successful candidate
will be a well-rounded professional who
has demonstrated the resfflence and
flexibility to work in a task oriented,
committed environment
To apply please send a full CV and
details of current salary in confidence
and quoting reference MCS/1015to
Michael Madgwick
ExeouthfeSelectlon Division
Price Waterhouse
Management Consultants
to 1 London Bridge
London SE1 SQL

Price Jfhterhouse

Fund Management

An Opportunity to Move into the Marketing of .
Global Fund Management to Top-Quality Institutions

One of the worlds most sophisticated
capital management companies is seeking an
additional professional to expand rapidly
growing marketing activities. The Company is a
subsidiary of one of the largest international
securities houses and manages funds on
behalf of a large number of clients in key
markets all over the world. Its growth is
founded in the quality of its service and
performance; its global expertise and its
superior research capabilities.

Based in the London office, you will be
responsible for the identification and
development of new business amongst
institutional investorsin the UK and Europe; as
well as for maintainingand developing

business with existing d ients in this area. In
order to keep abreast of market development
you will occasionally travel tolbkya
Candidates must have a business
orientated degree and an indepth
understanding of Fund Management gained in
either a marketing, analysis or fund
management role Knowledge of the Japanese
economy is essential. This is an excellent career
move with good advancement potential and an
outstanding salary and benefits package:

. To apply, please write with CV to
Joint Sean, Cavendish Court,

1 1/1 5 WIgmore Street. London WIH 9LB or
telephone: 01-6293532. .

John Sears

CJA

RECRUITMENT CONSULTANTS

35 New Broad Street, London E=G2fVI "1 JMM
Tel: 01fl588 3588 orOI-588 3576
Telex I\Jo. 887374 Fax Mo. 01-256 8501

LONDON

A high level of nitonofnyprovJdea the scope to develop this prafttabto and growing bust ness

MANAGING DIRECTOR - SHARE REGISTRATION

ATTRACTIVE SALARY + BONUS AND
GENEROUS BENEFITS

LEADING AND EXPANDING PROFESSIONAL REGISTRARS - SUBSIDIARY OF MAJOR MERCHANT BANK

For this appointment, we seek candidates, aged 35-50, with a minimum of 5 years’ at general management level in the control of
a market orientated commercial or banking operation. TWs experience will have been gained in substantial organisations noted
for their recent new business development record, systems and controls. An understanding of share registration, associated
activities and the potential opportunities in this field will be a considerable asset The successful candidate will be responsible to
the Chairman for all aspects of the management of a large, professional team providing a computerised quality and competitive
service to a growing corporate client base. Essential qualities are leadership and client liaison skills, commercial flair and the
ability to spearhead a strategy aimed at increased penetration and diversification in this market place. Initial attractive salary
negotiable plus performance-related bonus, car, subskfised mortgage facility, norv^jntributory pension, life assurance, family
BUPA and assistance with relocation, if necessary. Applications in strict confidence under reference MDSR 4439/FT to the
Managing Director.

GAMPBai-JOHKSTIM ASSOCIATES

HEOWVniBIT UNHUMTn UM1ED. 35 MEW BROAD STHKT, LOBM EC2M 1ML

tl -588 3588 OR 01 -588 3576. THEX: 887374. FAX: 01 -256 8501

CONTROLLER

Attractive Package— £40,000+

City

BANK

TSB England & Wales pic has gained a command-
ing position in retail banking particularly within
the personal sector market This record of success
in a highly competitive and dynamic market
environment has been achieved through innova-
tive marketing of a wide range of financial services
and products

A Marketing Controller is now sought to manage
and direct our established and sophisticated mar-
keting department Embracing the entire range
of marketing operations, the position will include
responsibility for the identification and develop-
ment of new products and services together with
essentia] advertising and promotional support
As a member of the senior management team, the
Marketing Controller will have considerable scope
in helping to shape the Bank's strategic policy
in addition to determining the form, and impact of
its marketing thrust it is a position that calls for
a rare blend of personal qualities including the
ability to envisage medium and long-term
consumer demands and the personal leadership

required to drive forward the development and
practical implementation of new products.

The idea! candidate will be aged 37-45 years, have
considerable knowledge of and experience in the
financial sector and be able to combine proven
creative stills and flair with a high degree of profit
orientation.

The compensation package for this senior post is in
excess of £40.000. comprising basic remuneration,
profit sharing scheme, attractive mortgage subsidy
and attendant benefits.

Applicants will be considered alongside internal
candidates.

For further details of this position send in complete
confidence a foil CV. including details of your
current remuneration to:

H. B. Nlchol, Personnel Controller.

TSB England & Wiles pk.

Administration Cents e,

100 Lower Thames Street London EC3R 6AQ

Cosing date for applications is 21st October 1986.

Eurobond Trader

Highly Negotiable Salary + Bonus

A dynamic and well regarded trading house with a developing presence in the Euromarkets is looking
to expand its London based operation.

They wish to recruit experienced traders to join their growing and successful team. Active trading
experience in US dollar straights or Canadian dollars would be a distinct advantage but applicants with
experience of other instalments would be considered.

Compensation will be results-orientated and will not be a limiting factor for those with the relevant
abilities and experience. Candidates with less than nine months* Eurobond market experience need
not apply.

Interested applicants should contact Sally Poppleton or Andrew Stewart on 01-404 5751, or write
to them enclosing a comprehensive curriculum vitae at 39-41 Parker Street, London WC2B 5LH.

L

Michael Rage City

International Recruitment Consultants -London Brussels Newark Paris Sydney
A member of Addison Consultancy Group PLC

HEAD OF POLICY UNIT

The Instants of D i rector s Is seeking a Head for its Policy Unit to replace Graham Mather; who leaves la
December 1988 to become General Director of the institute of Economic Affairs.

The Head of the Policy Unit reports to the Director General He or she plays a crucial role in:

• Developing the Institutes policies across a broad range of public Issues.

• Communicating these policies to Government, business and the public.

• Leading the Unit and organising its work. '

Candidates will have' a deep interest in public affairs and a good understanding of economics at both
national and enterprise level. They will be at ease on a public platform and be able -to articulate their Ideas
clearly and simply, both orally and In writing. They will probably be between 30 and 35, although age is less
important than energy, intellect and the ability to lead a team.

Those who wish to be co n sidered are asked to write, enclosing a curriculum vitae, to:

Sir John Hoskyns, Dtrector GesMiel, Institute of Directors, 116 Pall Mall, London SW1Y 5ED.

IOD

In stit ut e of Directors

HEAD OF FINANCIAL
INFORMATION AND PLANNING

Morgan is a wortd leader in tecfirotogicaJty advanced materials and
components used in a wfde variety of Industries. The Group is seeking
an experienced senior flnandai manager to head up trie smafl teem
providing analytical SLpport to trie Board. Key responstofilttes wi
be reviewing tne perfarncnce of existing investments and identifying
international growth opportinifles,

Operating from trie coiporate headquarters at Wmcteoc the successful
cancidate wffl be 33 to 40 years of aga a graduate and hafd a
flnandai qualification. Experience in general management coiJd be
an advantage.

Applicants win dso need to display a sound commerdcd acumen,
interpersonal and cammuntcation skflts combined with flavand proven
creative ablity.

A remuneration package wi be provided commensurate with the
seniority of this position.

Please send cuntciium vitae marked confidential to<- Andrew 1
Mdn tosh. Group Personnel Advisee The Morgtrj Crudble Company pic.
Chariott House. Victoria Street. Windsoc Berka5L41EP. Tel. 0753 850331.

General Manager

Salary c omnxenciiig
c J£35,000 + car

The present General Manager of the
Company, who is the chief executive
responsible to the Board, is retiring from,
that post on 1st July, 1987 and appli-
cations are invited for his successor from

- that date, but who will ba expected to
work with him as designate for the
preceding three months.

The Company is a statutory water
company providing the public water
supply to % million domestic consumer e
and industrial and commercial
customers in north west London and
south west Hertfordshire. It is based at
Watford with a workforce of some 340.

It is expected that the successful
candidate will be between the ages of 40
and 50 at the time of appointment. A pro-
fessional qualification in a discipline
appropriate to the Water Supply mdustzy
is essential. Experience in that industry
will be an advantage but most important
vrifi be proven experience of successful

management at top or very senior level in
a multi -disciplinary organisation with
increasing involvement of new technology.

The Company has undergone major
organisational change over the past three
years in its continuing desire to improve
its efficiency will service to the public.
The person appointed to this post will be
expected to head and develop the new
nr ganla>Hiw i tn tlioM wi jg

Public Service type pension scheme
— membership obligatory.

More]

the at

[(STD code 0923)
23333 ext 232 or ext 201. Written
applications with full Curriculum Vitae
in support to include details of two
referees to be sent in envelope endorsed
‘Private — Appointment of General
Manager* to W A Cosgrove, LL.B.,

Solicitor; General Manager; to arrive not
later than 24th October; 1386.

The Colne Valley Water Company

BMkiMa Horn MkrtM ttoHLMMWa

HMtaamWIKSEY

. ORBITAL FINANCIAL SERVICES PLC

As & rapidly expanding Public Limited Company, we are currently
looking to recruit

SUCCESSFUL NEW. BUSINESS EXECUTIVES
Candidates should be experienced in the Corporate Lease and Hire
Purchase Sector, possibly having been instrumental in arranging
“ Sales- Aid " vendor programmes.

An excellent career path is guaranteed for the right candidate
including future equity participation. A substantial Initial salary
is offered: bonus and BUPA are also Included in the remuneration
_ package.

For Sit application lomt. pita** talophon* 04437 73434, or atnd your CV to:
THE MANAGING DIRECTOR. ORBITAL FINANCIAL SERVICES PLC
ORBITAL HOUSE, 111 HIGH ST, BEUKHAMSTED, HERTS HW 2DS

CAREER

OPPORTUHITY

Assistant required by busy
director. Must have good head
for business, be numerate and
have experience of investment
and property matters. Probably
aged around 30. Good starting
salary. excellent prospects.
Based Central London.

Write Box A0279
Financial Times
10 Cannon Street
London EC4P 4BY

INTERNATIONAL'
BANKING

Our current portfolio contains a number of career oppor-
tunities within the field of MARKETING and CREDIT
ANALYSIS, covering a wide range in terms of specific
zunctioii, level erf seniority, nature of bank, etc.

CORPORATE MARKETING £15,000-£25,000
The recurring requirement is for bankers (25/35)
who have progressed through a decent credit training
“““J 1 already demonstrate successful experience of
marketing a range of “products” to U-K./European
companies. - *' i -***\.

Also in demand are' people with, exposure ■ tn more
Financial Institutions, Property,
Transportation, Latin America. ■ •

CREDIT ANALYSIS £14,000420,000

°° °* Beversl merchant/international banks,

we seek young analysts with a good degree followed
by sound, pref. formal, credit training and experience.

SOT* TOwintaeni, couU well TSd®on to^ESSSSS
.whereas others will be of appeal to those whoa,
interests and aptitudes lie io credit nSnSt

Tel; CUverton, Ann Costello or Mark C archer

John

chtverton
associates ltd.

86, Cannon Sraxrr
tenoNklU.
01-6233861

Excellent Career Move
in

Eurobond Settlements

Our tihapt.^aSSsful^d 3 w ‘

are seeking to appoint a^

lead an expanding Bond Settlements section 8 ^ Qualities to
Applications are invited from motivated and au — .. . .

■■as sst*

A Wguy COfflpeaave Wary and benedtr p.ckase U offered.
Please sortie in confidence to: David Bennett,

London W 1 V 1HA,
or telephone: 01-434 4028

( ONSULP\NCS /

D

Financial Times Wednesday September 24 1986

£20,000 - £100,000 Phis

Otrc.eaabfahcd expertise in City rre-r^ri rmArir
lias given us close contacts with the institu-
tional depar t me nts in many of the City’s
most i m p ortant securities houses. '

Big Ba n g not withstanding, demand for
those with a successful track record in
institutional equity sales is very strong
indeed at all levels of seniority. This means
w are Ak to match candidate and tfowH *
objectives to achieve the best possible results.

If you wish, to discuss a significant career
move or would simply like to be kept
informed of market developments, please
contact Anna Robson or SdlyPoppleinDL
at die Securities and Investment DKisioo,
39*41 Parker Street, London WC2B 5LH,
or telephone 01-404 575L Strictest
confidentiality assured.

FINANCIAL ANALYST

REQUWm BY

Australian Stockbroker

A 25-30 ytar otd paraon with pro-
foaaional axparianoa In accounting
and/or banklng/atockbroking ia
sought by a raputabfo AurtraHan
atoc&AmJcata. - ftomunaratioa fa
nagotiabl*.

Ittoally. your profaaalonal •xpart-
mc* should tvavs Indadad tlma In
the UK and Auatralls. as the posi-
tion raquirss both Technical kitaw-
fadga and practical sxpartiaa ia
accounting and company laws In.
both countries. Additionally formal

3 uaiifl cations such as a Batchelor's
agree in Economics or an ACA
would bo considered psitlnant to
this position. The position involves
working alongside tbs company’s
senior director and ths parson will
bs expected to bo able to ooptri-
but* efosdvo analytical work,
Ffaaaa forward your CV and
accompanying latrar to:

Bor AttZn. Financial Tima*
to Cannon St, London EC4P rm

w nu amicT sales iiuiNAGUtt and

yst

The continuing expansion of NMB’s established London Branch means
’that to am lcKxkfogfca Credit Analyst, with a keen sense of hninoizz; to join o
existing team to work on all our lending propositions which would include

Accoonta, full written analysis of financial

'Shi should be^eSbetroffl^Umd^^^ed Grade 4
in a Oeazing Bask (or equivalent), and be famfliarwith standard
loan documentation.

In return, we can ofier you a highly. comp^itive
salary plus some exceDentfringe benefits, including a .
free Besson ticket and a generous subsidised mortgage
scheme.

Bodies with anup-io-daie CV, huhcatmgbowyuur

Credit Executives

NM Rothschild & Sons Limited Merchants & Bankers, are experiencing an increase
in their lending activity. The Credit Department is organised into three teems
headed by a Director or Assistant Director and a requirement has now arisen for
additional executives.

The successful applicants will be appointed to Assistant Manager positions
reporting directly to a Team leader. The duties will include the analysis, negotiation
and structuring of a wide variety of corporate credits, both on a direct and
syndicated basis.

Candidates are likely to have had experience in a lending environment in a clearing,
commercial or merchant bank, or in the Treasury department of a large company,
and will be fam iliar with the latest methods of raising finance in the capital and
credit markets. They should preferably possess a banking or accountancy
professional qualification. The expected age range is 25-28.

An attractive remuneration package will be offered which Includes a profit sharing
scheme.

Please forward your full curriculum vitae to:

Rmonne! Director
NM Rothschild & Sons Umitod

New Court AHA

StSwfthbi'sUne iSS 53/2R

London EC 4 P 4 DUL fSSEgp

N.M. Rothschild & Sons Limited

J

NON-EXECUTIVE DIRECTOR

A major UK Group with a developing engineering computing
subsidiary wishing to expand organically and by acquisition in
its field and also' in engineering systems wishes to recruit a
Non-Executive Director.

Ideally the candidate will have first-half, up-to-date and wide
experience in this field, combined with good contacts in the
industry and with a record of guiding and developing a similar
type of business.

A detailed account of applicants’ experience in relation to the
above specification is required.

The position would carry a good fee and status.

Please reply to Box A0254, Financial Times
10 Cannon Street, London EC4P 4BY

Appointments

Wanted

PUBLIC RELATIONS
OFFICER

Professional, highly respected
end extremely capable press
And public relations officer with
seven yean rlgptfHffiMr with’
international . faxuryt Lopdgn
based hotel group seeks London
appointment- -.With :, hhiaense
organisational ability prey loos
experience Includes eight yean
with the Corporation of
London,

Write Bat A02B3. Flmndoi
Times. 10 Cannon Street.
London E C4P 4BY.

Fund Management

Develop your career in

Multi-Cnrrency Asset/Emobond fend management
jnalrigligiBwthinlie in a ti ond l banking e nvi io nm ent

This position will aft^tfrcaHdidates
who have gained aminimum of .
three years’ experience in Eurobond
fund management and aienovr
ready to take responsibility for the
iraie^derit management of a number
of muhi-cunenq^Eufobond port-
folios as a member of the Company’s
investmentmanagementteam.

The size and quality of the
Company together with the rapid
.growth record of its funds under
management anet dien c $U£ provide T
the ideal environment in which to ■"*
increaseyourexpertise&nd level oP -

responsibility

You areliketyto be aged 23-30,
educated in a business discipline
andwiD possess a high level of
analytical ability and comorrunica-
tiorisJrill.

An attractive compensation
package is offered.

7b appfrplease write in complete
confidence to the Company's adviser
on this appointment: John Sears,
CarendlsiiCoiBt ll/15Wgmore
'.Sbfe^Ld*fonWlH9LB,or,
-telephone 01-629 3532.

John Sears

Market the

Management of Assets

/Uwt fuan ap wiant k aw mm n£ mntlniilng ytiuid i. TVimHttic and international finance houses are

expanding Arfr fandg under manage me nt. Hub has, in turn, led to a demand for experienced
fiomcifll services marketing professionals to ease the marketing load on fund managers.

Knowledge aS die international markets, both equity and .bond related, and a track record in talking to

wArtanda l en ya ty. Utwl gDBCr mnentxl rligntg, are prerequisites fnr positions we are handling for our

diena. Also cr nae will be foreign languages and experience of particular geographical areas.

Remuneration for the ri£it people is substantial and attractive, with packages comprising perform-
ance related bonuses, mortgage subsidies, penrion and health schemes and company cars.

If you axe interested in pursuing your career in this exciting area, please contact Timothy R. Wilkes

w,4l Barker Street, London WC2B5LH

Michael Page City

In tern atio nal Recrurtmeait Consultants -London Brussels NeWYbdc Paris Sydney
AmemberofAddisoaOMisijbancyGroiipPLC A

Afresh start
for successful
business people

RiUSanmdlovettiiieBtShfvlcea Limited b a '
leader in providing its c&eotswilh a complete penonal
financi al service. Pensions, unit trusts, investments,
personal portfolio management and Hfe assurance are
just some of Our areas of involvement.

Wc recognise that it takes a vrny special person to
explain these services and to advise our clients on bow
"best to manage their money successfully.

- If you are aged between 25-55, re&motivatod and
enjoy dealing with people, that person could be you.

If you are looking for an opportunity to develop a
new career, talk to Hill Samuel.

North of the Thames Tel: John Stafford
on 0923 29241.

South of the Ttemeslfeb Keith Agnew - . .
cm 01 6S6 4355 or wrifeto: John Stafford r Hill Samuel
Investment Services Ltd, Star House, CZarendou Road,
Watford, Herts WD1 1LP

INVESTMENT SERVICES

STOCKBROKERS
WHAT WILL rr BE LIKE AFTER
OCTOBER 27TH?

Many private dients axe concerned as to how they ere going to obtain an.
e&fcalmd personal service from their stockbroker advisors in the future.

Our clients are building a new financial services team designed to enable
experienced stockbrokers to continue to provide their private dients with
a professional and personal service;

The resources are ample, fce objectives are your objectives and tire financial
package is generous. If yon are concerned about your ability to continue a
personal service to your efients yon should telephone or write to us.
Apply in confidence to: Vere Fane

Directorship Appointments Limited

7 CavendisJi Square, London W1M 9HA.~ Tel: 01-637 21 71

FINANCE

OFFICER

Application* are Invktad for tin

K at ot FManca Officer which will
com*, vacant on tbs rCWiiwu

of Mr J H D«lby. MA. FCA. T£»
Finance Officer & responiibja for
initiating financial plana wtthin Hw
guWalhw* of Uni warty peUcy and
for tbs accounrtijo and financial
administration of - tho Uniwaralty.
Salary nagotiabl* but hi tba raglon
of &.000 par annum. Furthw
■fotaiU May m obtained from tnt

Salary negotiable but hi tba raglon
of &.000 par annum. Furttw
detail* may be obtalnad from tba

sssx suiiirsb Jg

fiS.

f7;T ' .jJl®

I fj j J iu >

i Yjkf

Wanted

INVISIBLE SALESMAN
40 YEAR OtO EXECUTIVE
with banunu/lnswanca anpananca
Moat JntematioaeJ tnarnau ***** -
avaruaa posting. Uaati to oparat^J
In loolatloR ana prapara d W.aait
up navw op* ration with poarara

Write Bo*

tO Cannon St, louden EOdP 4SY

GERMAN MARKET SPECIALIST.

Director of Sales & Marketing
^ few Yorkshire based I.B.M. Agent

Terms and co nffi tioia sii i r g oSntile butvrtH

include a fcfbstantial equity optk»n, a BMW 72Si and other benefit*.
EsbffiBsbed In 1983 tK» LB JL Software House has grown i^adljr front 2 to 66

exnplByees.spetidbdng in Syaban3B.andSyaign 86 Beapclse Softwar e.

r« r«rM hi IWw iWaSyalgnSfl Territory Agancy the Company ncedganLB^l. trained

Ffefewmal to heed up the safes and marketmg^ operation.

The Company already has an Ingxesdye dient list, an napmallekd record o(

dcBvmng qonlily gptem* m time, and his fee benefit of mgxeawly talented and
totally awanitted people. -

Thb ia a unique opportunity to eKamd an established operation and play a

pdndple itieu taking ti*cCS«npaiiyto a U5JL. Bating in two to three yeaxa.

I RandalCoe .

WZWS2. SB2E

UK Economist

to join major firm of UK stockbrokers
with large global business.

Job description: -

Tb be responsible for UK economic research, maWy
macro e conomic; with some sector analysis and appraisal
of corporate profitabifityL^ Tlie job also ertads some
economic research rented to toe gilt mariwL

Job requirements:

e Good honours economics (topee;

- • Experience as a practising UK economist; .

e Qt^conmuricafionsskfis;

■ e Setf motivated.

The position enlaSs responsWffiy lor UK economic
research in an Jnlarnatlanaayflrienwfed economiceleam.

The successful candidate would report to the

Cfoereconomist.^ ■-

Salary wB be compeOtw. Wreiw

Jeffrey MferaH Chief Econorriat CA\IADV

SewiyMan lid New City Court SS9 oAVUnY
2D SIThomas Street M| B Bfl|| ■ tsm

London SEISRP ffllLLIM

— -■^AmBmhmrfthaRflyMRuatQinun

London Compliance Executive

The highly competitive
environment and new
regulatory framework in the
City create an important new.
role for compliance specialists
to provide advisory and
technical supp 9 it to financial
services institutions.

A major international firm is
continuing its programme of
rapid expansion in the UKand
is seeking to appoint an
individual of outstanding ability
to help establish its London
Compliance Department
The successful candidate is
likely to have ACA or legal

qualifications. Some experi-
ence of working within a
banking or broking
environment is desirable.
Some time will be spent in
New York gaining familiarity
with compliance procedures.
An excellent remuneration
package will be offered.

If you would like to pursue this
exciting opportunity please
send your CV to:

The Financial Times,

Box Number A0274,

Bracken House,

10 Cannon Street,

London EC4P4BY.

TREASURY DEALER

Hawker 5^^^” m intenifltiflnal engineering epaup with
turnover of £L6bn.

FoBowina&e extension ofourforeianexclianqedealiijqin the

Appointments Advertising

' 1 £41 per angle column centimetre and £12 per line

v- Premium positions will be charged £49 per single column centimetre
For further mforvnation, call: -
Louise Hunter — 01-248 4264
Jane Iiversidge — 01-248 5205
Daniel Berry — 01-248 4782

Candidates, prerazzed age 20-25, shouldhave experience of
the foreign exchaige and stening money markets gamed in a
corporate or banking emrironmenl and have the aptilade to woric
with computer systems.

A c umpetill v e salary, depending upon exper ie nce, wfllbe
offered.

nr

SIMM

‘rVV 'i ^tyvr

HAWKERl I SI DDELEY

VI

Financial limes Wednesday September 24 1986

ilfiS

With aver 100 pages of
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information - presented in a
choice of 4 superb finishes -
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SECTION II - COMPANIES AND MARKETS

FINANCIAL TIMES

Wednesday September 24 1986

Oil and Gas

Worldwide

BY ANAJQLE KALETSKY M NEW YORK

N. V. HOMES, a small housebuild-
ing company operating in ^ Wash-
ington DC area yesterday imnM’fo p rf
a takeover hid north S292m for Ry-
an Homes, a much larger US house-
bnOdmg concern.

Although Ryan refused to com'
ment on the $45 a share offer.tbe
stocfcmarfcet interpreted NY's move
as oidy an opening shot in a poten-
tial Kidding r e n te d and mwr frpd n p

Ryan’s shares frem$43 to S50H in
heavy trading.

NVs shares, which are quoted cm

the American Stnrir Bvnhany,

jumped by $2% to $13. However,
NV*s offer was hedged about with
several conditions which cast some
doubt on its Kid .

. NV is a much smaller company
than Ryan. In lfiBS it sold only 785

houses and had a turnover of $U4m
and operating profits of JB^ra. Ry-
an’s turnover was $566m and its net
profit was

NVs hid would have to be fi-
nanced largely through new bor-
rowings and the company raid yes-
terday that its tender offer was con-
ditional on adequate financing be-
ing obtained.

In addition, Ryan’s c&ectnrs have
put in place a “poison pflF defence,
which gives them stock purchase
rights in the event of an aggressive
takeover bid, and NVs tender offer
is also conditional on the Ryan
board redeeming there tights.

Nevertheless, NV said yesterday
that it expected to begin its tender
offer within the **** five days mid
already owned 6.7 per cent of Ry-
an’s stock.

BCl lifts earnings
42% in first half

BY ALAN FRffsDHAN IN MOAN

NET PROFITS rose 42 per cent in
the first six wmHi« of the year at
Banca flnrnriwipiiifo I fiiHiwui (BCl)
to L64.7bn ($46 .6m), the bank an-
nounced yesterday.

The bank, which is am trolled by
the IRI state holding group, made a
IJ012bn net profitfor the whole of
_ last year. ._ ..

< The grass operating profit In the
’ first half of 1886 was 43 per cent
hi gher at L4ffiL8bn. This level, the
bank explained, was reached des-
pite lower i nter est rates an loans,
as a result of an increase in ftnwk -
undgr management and a reduction
in operating costs.

BCl sold it set atide L338Jbn In
i and transfers to reserves
j the first half of this year 43
per cent more than in the equiva-
lent period of 1085.

BCl also announced plans to open
new represe n tative offices in Am-
sterdam and Shanghai. The hank at
present has 19 such offices and has
announced plans to open three
more in Tiahnn ; Mimiiih and BoTO-
bay.foBafy the network consists of
447 brandies and 12 o ver s ea s
branches. The B& workforce in*
chides 18,805 people in Italy and 018
abroad.

BCX adk US unit, Page 22

General
Electric
launches
hew unit

By David Thomas in London

GENERAL. ELECTRIC of the US
has irp fl t H a new i n fru-nyrijffn ^
com mnnlcattom unit winch, on list
year’s figures, would have had sates
of $L5bn.

The unit arises from the merging
of several GE divisions with divi-
sions of RCA, which GE took over
earlier this year. K win offer both
information services and access to
networks, snch as satellite

The i m p H w i|i a rriffii fo the new
unit will be Geisco, GE’s iniazma-
tkm services subsidiary, which
claims to operate the world’s largest
B Qmmgrfaal network, and RCA Am-
wiwww aryl (y^^bH xun which op-
erate satellite-based services re-
spectively in the US and the rest of
the world.

Mr Anthony Craig, new president
-of Geisre, said yesterday that the
combinational Gdsco’s private net-
working activities in 35 countries
and -Gtobecam’s agreement with
most telephone authorities would
leave the new business better
placed to compete in the US, Japan
and the UK.

• Geisco's UK subsidiary yester*

Ho y anwnmvwt the PTtorwrinn of its

Motonwt network tor the electronic
interchange of business infarma-
fjffp in the motor industry ftu KtHu
the UK.

In future, members of Motaraet,
ighidh is no under the sponsorship
of thefiodety of MotbcMamzfactizr-
eis-and Traders, the UK trade asso-
ciation far flie motor; indnstzy, will
be aMe-to communicate electroni-
cally with nwriw pnmpmfeK in Eu-
rope, and nWTwurfriy in the US and
Japan too.

Geisco that the Mbtocnet
network allowed motor companies
to order components mnch more ef-
ficiently.

Pharmacia in US sales deal

MSTOCKHOLM

j :

PBAjglfAClAiWto Swedish pharm-
aceuticals ami mOtecbnology group,
and Etactro-NudaoiilcB, toe US bi-
omedical- company, have signed a
contract which gives Pharmacia a
stake in toe US groiq}, which in
torn will have exclusive US distrib-
ution rights to certain Pharmacia

products.

Under toe confract, Pharmacia
/ acquired 6J per cent of Electro's
shares, but later increased its stake
to 10 per cod by buying autoeopea
* market Pharmacia is negotia ting
for a larger stake in Electro.
Electro has bought exclusive US

distribution rights to phnrmacia's
allergy and diagnostic lines,- paying
$2m in part exchange for the d per
cent shareholding. Electro said it
would make $10m to $12m in the
current tax year In revenue from
Pharmacia products.

Electro sells diagnostic teste, for
infections diseases and cfixrica!
chemistry .systems to hospitals,
dimes and Mood banks in the US.
The two companies plan to begin
joint research for hew fohhhnodlag-
nostic products.

“Pharmaria’s perceived weakness

was in the or

equipment field, which is what
. Electro wppefaiiwg in," said a spo-
kesman for Pharmacia.

The deal is intended to broaden
Pb arm aria's marketing bare in the
US, and its present sales staff will
join forces with Ekctrafe sales
teams.

Pharmada’s sales totalled SKr
3.4bn (S493m) last year, of which
about 36 per cent, ot SKr L2bn,
were in the US, their biggest mar-
ket Sales for the diagnostics divi-
sions were SKr ?05m in 1985.

Thomson director to head Valeo

BY PAUL BETTS IN PARS

MR NOEL GOUTARD, managing
director of Thomson, the French na-
tionalised electronics and i fcfevw
group, will become the new chair-
man of Valeo, tiie leading French
car components group now under
tire manage m e nt cnntw i) of Mr Car-
lo de Benedetto-

-Mr Goutard, who up to now has
been number two in the Thomson
hierarchy huhim? Mr Alain Gomez,
the Thomson chairman, will, fo l k**
over at the head of Valeo from the
beginning of next year when Mr
Andre Bateson, the current Valeo
chairman, retires.

Mr da Benedetti acquired almost
20 per cent of Valeo earlier this
year in a controversial transaction
at one stage opposed by the two
large French car groups , Renni^
and Peugeot, and blocked temporar-
ily by &e French Government
The acquisition of torn Valeo stake
and ttumagarait control of toe car
components group is part of a ma-
jor effort by the Olivetti ch a i rman
to step up his presence cm the
- French market Mr de Benedetti is
also actively looking for other ac-
quisition opportunities .-on the
French market, especially in the

food sec to r.

• Mr de Benedetti K»i - fodicetod
that a leading French manager
would he selected as his ca ndid at e ,
to head Valeo which toe Italian
en tre pr eneur wants to develop as
theforalpdntirfambjarnewEuro-
pean car oonqxtaente group to Com-
pete with Bosch of West Germany .

Mr Goutard became Thomson’s
manag in g director in 1883 after the
nationalisation of the defence and
etectranics group. He had previous-
ly been assistant managing director
of toe Chargaurs transport gro up

Compact disc software launched

LOTUS Development, the Massa-
chusetts s of tw a re group, is to start
«a=>ning fhreiwfal information on
romjwt fKswi , making it the first
major software company to enter
the wi m p i n g market, AP-DJ re-
ports.

Compact discs are mostly used
for playing music. But recently,
they nave attrac t ed attention as de-

vices far storing oanqmier informa-
tion.

Lotus, the biggest independent
software concern, said its new one
source product would include as
many as eight data bases.of infor-
mation about stocks and bonds. It
said users would be able to recall 20
years of price inf o rm a tion about
stocks and will have access to other
services.

Depending on toe number of data
bases a user wants, Lotos said, it
will charge from $11,000 to $27,000 a
year. It plans to mail updated discs
to subscribers weekly
Mr Larry V. Moore, president of
Lotus’s information services divi-

service to banks, money manage*
rnwit companies, investment

Alusuisse forecasts gradual recovery

BY JOHN WICKS IN ZURICH

ALUSUISSE group would lake
about three years to "work its way
out of the present crisis," according
to Dr Hans Junker, chief executive
officer of the parent company,
Swiss Al uminium.

Dr Jucker said Alusuisse expect-
ed a return to operational profits
next year. But he warned that no
"structural and financial turn-
round" was imminent and that it
would take until 1989 to return to
net profits.

Last year the group lost SFr
692.3m ($422JSm). It expects a sub-
stantial, th ough smaller, Hrfirit fn
IMS. Extraordinary depreciation,
which wmftrmlorf to SFr S91m in

1985, will be required again this

yean.

Debts wonld be reduced by about
SFr Jhn in the Hawing months,
bringing net debt servicing down to
about SEr 200m to SFr 230m a year.

Dr Jucker attributed the continu-
ing difficulties to toe fact that "toe
aluminium juice is in the basement
unH there are no signs of an up-
turn.” Alusuisse was also suffering
from the weakness of the dollar and
other currencies.

Tim group recently announced
plane to sell off the Chicago car-
parts subsidiary Maremont and the
US aluminium company Ormet It

aim plan* tO cVWft down half the

smelting capacity at the Qrippis
works in Switzerland.

Mr Hermann Haem, member of
the executive committee, said nego-
tiations for the sale of the 50-per-
cent stake In the Italian company
Sava AUmninio Veneto should be
completed before the end of the

Elsewhere, the lest production

unit at the Consolidated Ahrmmmn
plant in New JohnsonviOe, Tennes-
see, is to dose at the end of this
year, while a pressing plant at Mad-
ison, Illinois, is to be divested.

Dr Jucker said Alusuisse would
no longer be anwmg the world’s
leading producers of primary alu-

minium. The group would concen-
trate on more sophisticated opera-
tions, whereby "problem solving
and customer-oriented production”

would gradually replace standard
items.

Executive-committee member Dr
Theodor Tscfaopp said that as from
toe beginning of next year, Alu-
suisse would produce primary alu-
minium only in Europe, with an in-
stalled annual capacity of about
410 ,000 tonnes. This is to be reduced
by about 30 per cent in the next
three years

Dr Jucker said Alusuisse would
continue with new investments,
particularly in chemicals and "at-

tractive market segments of the al-
uminium sector "

These included capacity expan-
sions for composites in Germany,
ftiiwiKimm eas HpgB fn Switzerland
and "Forex" foam panels in Switzer-
land and toe US. New plants were
being built for metal cans in
France, ceramic filters in Switzer-
land ami “Sintrex" foam in Switzer-
land.

Although work was in progress to
expand American output of such
items as special chemicals and com-
posites, Dr Jucker said that Alu-
suisse had now given up its earlier
goal of reaching a 50 per cent US
share of group turnover.

Western
Pacific
receives
rival bid

By Our Financial Staff

. A RIVAL bid emerged yesterday
lor Western ftidfle Industries,
the US producers of counting de-
vices mid fasteners which last
week signed a letter of intent to
go private In a deal valued at
about $380m.

That deal, with Gibbons,
Green, van Amerangen, involved
an offer of $155 a sharefor West-
ern's stock. However, yesterday
Western said that Danaher Cor-
poration, a West Palm Bead,
Florida gronpb had advised that It
was prepared to acquire the cont-
pq kw not loss than $165 per
rime in cash.

Danaher has requested a
meeting with Western’s manage-
ment and an opportunity to re-
view non-public and other infor-
mation relating to the enmp a ny -
Western Pacific said its manage-
ment would evaluate the prapoa*
aL The company's shares were
trading at around $162 before toe
rival Itid emerged.

□ Am ii wi iM i h gni» t the major' -
US diesel engine producer, is of-
fering an early retirement ineen-
five programme for moat of its
13^80 US employees. It and 2^80
would be digiUe.

Costs Cor the programme
would be recorded in the third
quarter.

□ First Chicago, the big US bank
holding company, said 350 em-
ployees would be efimi rated
company- wide by year-end horn
ttnmmmmg wmny

The bank said die corporate
workforce would be 13JK£f at
year-end, down from 14^00 at
January 1 of this year. The cuts,
whkti have already begun, result
from a re or g ani s at ion of the
company begun earttertids year.
□ Tenmeo, the US farm equip-
ment group, has started a $3&4iii
tender offer for all 4.tin shares of
Steiger Tractor, tin struggling
nu i mifn i ^ i r ff ■ gf large foUT-
wheel-drivo tractors.

Terrneeo said the Steiger board
had Unanimou sly approved the
$158 per share offer, which b
subject to receipt of at least
tIKUMMB shares, or 48.7 per cent
of Steiger stock, and to approval
fay Steiger shareholders. Steiger
filed for protection under Chap-
ter 11 of toe US Ban k r uptcy Code
earlier this year.

L’Alr Liqnlde buys
Preussag gas unit

L’AIR LIQUIDS, the French in-
dustrial gases group, said it had
acquired the carbon dSazide
gases interests of West Ger-
many's Frenasag group for an
un s pecifi ed amonuL
L’Air liquide the B t qulul -
tfam had been approved by the
West Gmman authorities and
mainly covered Age&o, West
Ge m i ui yfrgecimd largest auppli-
erof cartom ifioxide gases, with
an aimnal tnmowi 1 of about DM
50m($24Jm).

D ominio n Textile seeks US acquisition

BY ROBERT GIBBENS M MONTREAL

«ON Textile, Canada’s lug-

tite grou p, is again looking
acquisition in the US fbUow-
fiulure eariigr tola year to
rondale Mills, an Alabama'
of dgnim and yarn, with a
[m cash bid. The company
is USS150m avaOaMe for ac-.

[homes Bell, the president,
ie d gnjm market was strong
'here, and the Avondale deal
signed to strongtogn Dom-
trition internationally in that
lut Damtex must cn^uid fur-
toe US and Eurtgie because
ration In the Canadian mar-

sstic operations have stabi-
Ipt another round of ration-.

afisatfon to meet increased garment
imparts from Asian countries.

For the year ended June 30, Dom-
tax had operating net profit of
CSlUm (US$8m) or 56 cents a
share an sales of CS02fen. Results
in the first quarter of fiscal 1987 will
be positive, against a loss a year
earlier, ami for all fiscal 1987 profit
should be higher than fiscal 1986, .

Cascmles, fasbgrowing paper
products group which owns two
pnfk ng rng plants m France, is mak-
ing aC$246m offer for 55 per cent of
Donohue, Quebec rity4jasad news-
niin^ pnlp nnd lumber pro-
ducer. Tim nffar is equal to nranst
C$30 a share.

The Spar cent interest is held by
an industrial holding company

owned by the Quebec Government
and it is being put on the block as
part of Quebec’s privatisation poli-
cy. The offer is not being e xten d e d
to minority shareholders of Dono-
hue, me of the most profitable for-
est products groups in Eastern Can-
ada.

Earlier, the Government turned
down C5200m on offer lor the Dono-
hue control block. Analysts believe
other offers may be forthcoming,

Prwigo, the major Montreal-
based groceries and food retailing
group, tfffrd operating net earnings
in the secaui quarter ended August
9 from C$I62m or 40 cents a share
to CS17Jm or 41 cents, taking the
six-month total to C$27Jm or 66

cents, against CE&Sm, also equiva-
lent to 68 cents.

Figures for thin year f***K»dn a
net gain of CS7£m from the sale of
an investment in Montreal City and
District Savings Bank, offset by a
C$L4m loss from abandoned Ca5-
forma retail operations of a Provigo
subsidiary.

The Canadian metals producer
inco plans to spend 540m in the
next two years at its Sudbury, On-
tario operations to electrify Crean
Hill partly to mechanise its copper
refinery tankhouse, Reuter reports.

. The company said $25m would go
towards reactivation of Crean Hill
as an all-electric underground oper-
ation, to improve prodnctivxty, safe-
ty and costs..

S-E Banken profits up 98%

BY SARA WEBB IN STOCKHOLM

SKANDINAVISKA Enskfida Bank-
en, the leading Swedish bank, in-
creased its operating profits for the
first eight months of the year by 98
per cent, boosted by falling interest

The bank is forecasting better re-
sults for the whole year, after a cou-
ple of years of stagnating profits.

Operating profits totalled SKr
2.742bn ($397 : ), a sharp increase of
SKr L38hn on the corresponding

period last year.

Net interest earnings increased
48 per cent to SKr 2A39bn, despite a
foil of 7 per cent in volume, while
mmmlMim and other earnings
rose 38 per cent to SKr 3J27bn.

Gfltabanhen. toe fourth largest

Sa mB«h f rtm mw ritil ImnV i ranted

a strong increase in operating-prof-
its for the first mnntht thic
year, a tribute to falling interest
rates and increasing volume of out

gfart/Tmg wwtite tr> wn ^migK ;

about SKr 201m.

Operating profits of SKr 578m
were up 87 per oent or SKr 285m
compared with the same period last
year. "The falling interest rates
have Tr>o,>n t gains on trading in tKw
money market that have made it
possible for us to increase the dif-
ference between our iwiting and
borrowing rates by 05 per cent*
said acting managing director Mr
UH LigneL

BHF raises earnings by 28%

BY JONATHAN CARR M FRANKFURT

RgRi.TwgH Handeb- Frank-
furter Bank (BHF-Bank), the West
German nmchant * t|( i fnmmwrini
bank, raised partial operating profit
by 28 per cent to DM II 8m ($57m)
in tiie first right nwnftn of tins
year.

Full op erating profit, which in-
cludes tiie results of own-account
trading, increased still more strong-
ly -but the bank declined to say by
hour much.

The results are the latest evi-
dence fto* tiie German banks are

KomKwg for a year of record earn-
ings that many of *K«™ may
again increase their dividends.
BHF-Bank raised its payout for last
year to 24 per cent from 21 per cent
a year earlier.

Mr Klaus Suhjetzld, one of toe
managing partners, said interest
profits were up in the first eight
months by 8 per cent thanks not
least to an izxfroest margin rfighfly
above last year’s level and an in-
crease in business volume.

Mr Sobjetrid kHiM that commis-
sion earnings had soared fay SO per

cent to buoyant securities

«nd iipening business. As a result
these earnings had risen to a level
more than 80 per cent that of profits
from inter est business, underlining
BHFs success in boosting its mer-
chant b ii"king activities in particu-
lar.

The hank already has securities
offshoots in Switaeriand, New York,
Singapore and London and is nego-
tiating to set qp in Japan too. At
endrAngost it had total assets of
DM 13bn and about 2^00 employ-

Poclain suffers
net deficit of
FFr 100.2m

By David Marsh In Parts

POCLAIN, the loss-making French
hydraulic excavator group, suffered
an increased group net deficit of
FFr 1002m ($15m) in the first half
of 1088 compared with FFr 39 Am in
the first half last year.

The worsening bases were
caused by falling margins in the US
and Britain resulting from the drop
in the dollar and sterling, as well as
a large cut in sales to the Middle
East mwH Africa.

Poclain said technical difficulties
a m ro unding ^ industrialisation of
its new 61 excavator boosted stocks
mu! fmanriai expenses in the first

half.

Poclain net sales in toe first half
rose to FTY L69bn from FFr L55bn.
The figures Include the losses of its
80 per cent crane subsidiary PPM,
which Poclain said continued to
face a very depressed international
market.

The new 61 excavator, a 125
tonne "inrfpt which cost between
FFr 60m and FFr 70m to develop,
has been delivered to the tune of
more than 500 wiarfrfnpw. Poclain
said its investigation (Kring the
BinaTngr confirmed the confidence
which users have in the excavator.

TUs announcement appears as • matter of record onljr^

September 1985

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The minim um investment is £5,000 (or
currency equivalent). Shares in the Fund may
be purchased only on the basis of the current
registered prospectus. To receive a copy
simply complete and post the coupon.

Ha Foreign & Colonial Management"!
■ (Jersey) limited ft I

14 Mulcaster Street, St. Holier,
Jersey, Channel Islands.

Please sordino Iho Foreign ft Colonial
l Limited Pi

Reserve Asset Fundi

l Prospectus.

Fbreign&Colonial

'^IIANftGOBIT GROUP "

Issued by Fomfan&ColoaiaiManagomttnt Unto d
licensed Dealer In Secufltoa. (torn origins In l&SS, It
today odviMostunda at twM B im at*tyUSSZ5bBton.

.Postcode.

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Louden — October 7-Nevember 25, 1985

The FT-Clty Course, arranged jointly by the Financial Times and the City University
Business School has attracted some 4,000 managers and trainees from ail sectors of
finance and industry since it was first held in 1970:

Designed for employees of companies with interests in the City the Course covers most
aspects of the City of London’s operations and provides a valuable insight into how the
City works and the range of activities that make it snch an Important world .trading and
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London EC480AX Tel: 01<Ol 1855 Telec 27347 FTCONF G

Financial Times Wednesday September 24 1986

INTERNATIONAL COMPANIES AND FINANCE

Hammennill
Paper rises
in quarter

By Our Ffeandal Staff

HAMMERMILL Paper, the largest
US producer of fine writing paper
which has agreed to merge with In-
temationalPaper, achieved a jum p
in third-quarter operating earnings
to S15.4m, or 88 cents a share, from
S5 Jim or 32 cents. This took the
mne-month total to $4JUhn or SSL77,
compared with 5215m or $L53 a
year earlier.

The latest three-months profit in-
cluded a gain of $3.6m from the sale

of Wanning Paper division and set-
tlement a£ an insurance claim. But
it was struck before a S2L3m
charge related to defending an un-
solicited tender offer and negotiat-
ing the merger agreement with In-
ternational Paper. This left the

BCI pulls out of US retail banking

BY WnjJAM HALL IN NEW YORK

BANCA Gjmmertiale Italians
fiie second biggest bask in
, is puffing out ofthe US retail
banking "mrfc^ and waning its
North American Baneorp for 5300m
to the 20-year-old Bank of New
York.

BCE entered the US retail bank-
ing market slightly more than four
years ago when it paid 5115m for Ur
wBaucoiporation of New York, lat-
er renamed North Amer ican Ban-
corporation. It is the parent of Long
Island Trust, based in Garden City,
New York, which has a network of
43 brandies in Nassau and Suffolk
counties, two New York City sub-
urbs on neighbouring T^ng inland
Although the assets of North

American Bancorporatioii have ris-
en from about Slim to SL7bn since
BO. acquired the retail bank, it has
not been particularly profitable.
Last year it earned S7 Jm, slightly
less than in 1984. The group’s re-
turn on assets totalled 0.46 per cent
and Its return cm equity was 7 per
cent last year.

BCX gave no explanation yester-
day for its decision to pull out of the
US retail banking market How-
ever, the move appears to reflect a
growing dingnrhanimianl: amnng
majv foreign banks with the profi-
tability of retail banking.

Lloyds Bank, for example, recent-
ly sold its Californian retail bank-
ing operation to a Japanese bank.

Several other foreign banks are
known to be concerned that their
relatively small US ret ail ba nking
operations cannot generate ade-
quate returns in the face of fierce
c ompe t i tion from major New York
competitors JHm Citibank.

SCI will continue to operate
brandra in New York, Chicago and
Los Angeles and a representative
office in Washington.

Despite the lacklustre perfor-
mance of its US retail banking oper-
ation, Bd appears to have made a
handsome prafit'-on the sale, which
is at nearly three times its book val-
ue of 5106m. This is higher than
most recent acquisitions.'

The acquisition will make the
Bank of New York one of the larg-
est banks on Long Island, regarded
as one of the fasts- growing bank-
ing markets in the New York area.
If the deal is ap p ro ved by the Fed-
eral Reserve, Bank of New York
will have the third largest branch
network in Nassau and Suffolk
counties and will make it the larg-
est suburban bank in the metropoli-
tan New York area with 173
branches.

Mr J. Carter Bacot, chief execu-
tive of Bank of New York, said •
acquisition reflected the
strategy of focusing its
ba nkin g activities on the soborho
areas of New York Gty.

for the quarter readied
5442.1m, up from 5417m, taking the
total so for tins year to $L38bn
against 5L28bn last time.

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Dealers

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International Limited

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August 25, 1966

US. $100000,000

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Unconditionafly guaranteed by

GW*

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Interestfteta

Interest Period

Interest Amount per
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24th March 1987

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per annum

24th September 1986
24th March 1987

UJS.S314JI4

Credit Suisse first Boston Limited

Agent Bank

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vestment clients. Please contact
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NOT IN INTERNATICMAL BANKING

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good, astute businessmen. We re proud of this. But we
also know that its just not enough-Not in the world
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We’ve got all of die Dutch business virtues as^ well

ANTWERP* BASLE • BEIJING • BERLIN • BERNE •BOMBAY# BONN • COLOGNE • COLOMBO • DUBAI • DUSSELDORF • FRANICFTJTrr
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US. $50,000,000
Guaranteed Floating Rate Notes due 1987

C. ITOH & CO. LTD.

<6>

Unconditionally guaranteed by

THE DAI-ICHI KANGYO BANKUB

In accordance with the provisions of the Re fe r e nce
Agreement between C. hoh & Co. Ltd. and Gtibanfc NA,

March 14, 1980, notice o herd>y riven that the Race of Interest has
been fixed at 69U% pj. and that the interest payable on the r el ev an t
jmenwc P^went Date, Manh 24. 1987 against Coupon No. 14 wS

September 24. 1986. London

iy. Gt2ank,NA(CSSI Dept), Agm Bulk CfTlBANiO

&

Arbuthnot Latham
Finance B.V.

US $30,000,000

Guaranteed Floating Rate Notes due 1992

Jn accordance with the provisions of the Notes, notice
is hereby given that the rate of interest for the period
from 24th September. 1986 to 24th March, 1987 has
been established at 6% per cent per annum.

The interest payment date wiH be 24th March, 1987.
Payment which will amountto US $160.26 per Note,
will be made against the relative coupon.

Agent Bank .

Bank of America International Limited

BANK FOR ARBEIT UND
WIRTSCHAFT A.G.

(Inoorporofed wifb Smiled SobOrty kl Austria)

USS100JXNMNI0 Subordmoted Rocrtmg Role Notes 6vm 2000
hi occonfanc- wah dw tarns and condiSom of the abowmenSoned
Note nofiw a hereby oven rhat the Rata of Interest has been fixed

i ---* - *■ -<•»«-« inSS

rajnnenT uafe, March 24, 1987 against Couoon N«. A. m r

USSIOXXX) nominal of th,' ’Nates * m ****** °*

September 24, 1986. London

By; Gfhcwk, NA. (OSI Deptj, Agent Bank

0TIBAN<0

US$150,000,000

!G

BANQUE INDOSUEZ

Floating Rate Notes Due 1999

Interest Rote

Interest Period

Interest Amount per
US, 510,000 Note due
24th March 1987

6 %%

per annum

24th September 1986
24th March 1987

U.S. S32G.52

Agent Bank

1

V

23

<

S

financial Times Wednesday September 1 24 1986

INTERNATIONAL COMPANIES and FINANCE

*

K

“<s,.

'.'vi;

- 'll

•

.-v

f

)

1

BHP chief
forecasts
lower
earnings

BROKEN HILL Proprietary
would find Hi hard to equal its
record 1885-88 net profits of
A$88&2m (USf625.4m) in the
current year ending Hay 31, Hr
James Baldezstone, the Chair*
man, said, reports Reuter from
Melbourne.

First -quarter net earnings fell
to A$176.7m from Af298.7m a
year earlier, largely because of

. a sharp fail in oil gam jp g s .

f However, the group looked
? forward to better results in sub*

■ sequent quarters.

“It is unreasonable to expect
the company will repeat the
growth of last year” Hr Balder*
stone said. “Rather, we see a
pause in the pattern of growth
achieved since 1983. But we
believe it will be a pause only.”

In the longer term, BHP
looked to the fruition of its re*
investment in steel, the start
of North West. Shelf liquefied
natural gas production, in-
creased oil output from the
Timor Sea and extensions at
the Mt Newman iron ore and
GoonyeUa coal operations.

The reasons behind the fore-
cast of a pause in profit growth
include weak commodity prices
and a slowing of economic
growth in Japan, BSP’s largest
customer.

Mr Balderstone said Bass
Strait oil sales were now. over

400.000 barrels per day, follow-
ing the Government’s crude oil
excise cuts, after falling to

292.00 b/d in Jone-July from

456.000 in 1985-86.

Indonesians face interest
rate rise after devaluation

BY JOHN MURRAY BROWN M JAKARTA

BANKS IN Indonesia are likely arbitrage." The high gearing, also expected to be hit by wage
to raise interest ratesto cover a the ratio between debt and increases,
forecast increase in private equity, has been a feature of Hr Sudhomo, the Manpower
sector provisions for bad debt Indo n es i a’s private sector. Minister, yesterday called on
following the recent 45 per oent Last week’s devaluation will esnployeta to match wages to
devaluation of the rupiah, result in sharp in price increases. Bankers are

Twelve-month deposits cur- debt-serricLog costs and also in expecting double figure inflation
rentiy earn between 14 and 17 principal amounts. Private see- W from flhe present 8 per cent
P 1 *™ 0 ™ 1 ® 8 are ‘ tor debt currently stands at The decfesi on to devalue aimed
as mga as 24 per cent. $7.4bn, according to figures to reduce a huge public deficit

Particularlv vulnerable to the frQm ** Bank for International on the current account set to
devSu^tion ai^fS??™ iolnt Se« lemraitt (BIS), while total reach $6bn by the year-end,
ventures and” large^domSuc - pr $ n 5f^ K SMl4> 2f.^ P rivate » J f cordi 2L t ? usually consetro-
industrial proiins lifrn ear mann. 18 w 528Jbn. Private sector tive official estimates. This
facturei! U W^«SSSi Initfixest repayments in 1985 resulted from sharp falls in the
5S aJfrelyl^SfS - - - - P ri <* <* °- u ’ historically

bSSa reV aid „ Bank recently accounts tor 70 per cent of

oartsL materials ana Slivered another blow to the Indonesia’s official export earn-

private sector, when annonnciog tags and 60 per cent of state
Such companies have tended that exchange losses incurred at budget revenues. The devalua-
te use offshore loans as a source the last devaluation in 1983. tion is also expected to give a
of working capital, a practice until now treated as “ paper boost to nonoil exports, such
whit* one Western banker losses," had to be amortised as palm oil, rubber, plywood
described as “a form of tills year. Corporate profits are and tin.

Elders Resources out of red

BY OUR FINANCIAL STAFF

ELDERS RESOURCES of Aus- It plans a one-for-five scrip attainment of full production of
traha has climbed out of the Issue. 60,000 ounces of gold a year

red for the year to June and tw-i** from its Red Dome project in

says further progress will be J? Queensland,

made during the current 12 n also expects full-year

months. ffiSJf Profits from its resource finance

The company, which Is 48 per division with the expansion of

cent owiSd^mders DO* the S^reomces on rebuilding its i»*« v„ni ' aSEh*.

brewing and industrial group,
has made a net- profit of
A$442m (US$27,9m) t against a
loss a year ago of A $915,000.

r

NOTICE OF PREPAYMENT

&

THE BANK OF YOKOHAMA LIMITED

(Incorporated in Japan wffli limited LtatriRy)

U^SIO.OOO.OOO
Boating RateCfertH^^

fskxFTlER010167-010t76issuedon29lhC>*3bCT
1982 Maturity 30thOctober 1987 Capable in October
1986 Prepayment date 31 st October 1986
AND

U.S£10,000,000

Floating Rats Certificate of DeposS
Nd FRER 010177-010186 issued on
18!h November 1982 Maturity 20th November
1987 CaHabte in November 1986 Prepayment date .
20ih November 1966

is hereby ghren in arcofdant»wWi Clause 5 of 8w '
Cer6ticaiB0lDepo(tftlbe. a CertSca8es'1liiatpuraiiantto ‘t c ■■

CUause 3 ot the Certificates The Bank oTYtrtohama. Limited vyffl .
prepay aU the o u tstanding Certificates on tttereapeCBvB
prepayment d a tes kicficatad above at their principal amount .
Payment of ttie principal amount together wMi acc r ued Interest
to the prepayment dale, wffl be made on the prepayment date
agaM presentation art surrender of the Certiflcateealttie
London Branch ofthe Bank of \btoohama. Limited
40 BasinghaU Street, London EC2V 5DE.

Interest wffl cease to accrue on the Certificates on the
. prep ay ment date

By: Swiss Bank Corporation hU ama tlonaf Lid.

and further growth of activity
Elders Resources said reasons in the marketing division, par-
for predicting a profit increase ticulariy in oil, minerals and
in the current year include chemicals.

Riyad Bank suffers 40%
decline in first quarter

BY FINN BARRE IN RIYADH

from
10, to

RIYAD BANK, Saudi Arabia's deposits dropped
second-largest bank, has re- SR27.21bn on March
ported a decline of 40 J. per cent SR25.19bn.
in prefits ter the first quarter of # united Saudi Commercial
its fin a nci a l y ear, which began Bank reports an improvement
1 ^ B * accordinfi to in. its business, although losses
unaudited results. continued for the first six

The bank reported a profit of months of 1986. The bank, in
SR4S.8m ($12 .8m) for its first jts nmmtltwi hniiij ^ sheet,
quarter, down from SRSIRm a said losses declined by 55.2
year earlier. The bank reported per cent to SI 5.87m ($L56m)
a profit of SR189.4m during the from SR 13.09m
year to March IQ, 1986. Much of the improvement was

Assets in the first quarter due to cost containment efforts,
went down from SR32_82bn to according to Mr Neville Green,
SRSLOlbn. Letters of credit; USCB’s new general manager,
guarantees, and other oblige- Operating expenses dropped
tions dropped from SR3L05bn 12.5 per cent to SR 55£8m. At
to SR2726bn. Loans and ad- the same time, net operating
vances declined slightly from income rose 14 JJ per cent to
SR10t86bn to SRUL64hn< and SR 69m.

Burns, Philp
sees boost
from US
acquisitions

BURNS, PHILP, the Anstra*
Han Coed and trading group,
expects to boost sales and
profits in its current business
year after including recently
acquired North American
subsidiaries in its results, Mr
Andrew Turnbull, chief execu-
tive, said yesterday, reports
Renter from Sydney.

The group earlier reported
a rise in equity-accounted net
profits to A$40J5m (US$25m)
to the year ended Juno 80,
from A*3M6m in 198 >85.

"Expansion overseas is
providing the desired result
■mi very profitable growth,"
Mr Turnbull said. “Our
Australian operations are
Improving with the effects of
rationalisation. 1 *

Mr Tarnbull said the
Fleischmann yeast
vinegar brands, acquired in
July from BIK Nabisco, are
expected to add about a$i 2 ®m
to. group sales in 1986-87.

Results had been very satis-
factory since the acquisition
and Rams, Philp should
Increase its yeast and
vinegar market share In
North America, he said.

Reviewing 1985-86, Mr
Turnbull said over 59 per cent
of net profits came from
foreign operations, particu-
larly in the US and the UK,
and this percentage would
increase In 198687.

The food, hardware and
shipping operations signifi-
cantly increased earnings.
Turning to its traditional
Pacific Twiand trading busi-
ness, Mr Turnbull said Burns,
Philp (PNG) recorded an-
other increased profit after
losses two years ago.

Tonga, Samoa and Niue
made record profits but Fiji
showed a poor perf or mance.
The company planned to in-
troduce management systems
applied in Papua New Guinea
to other major Pacific opera-
tions.

The fall in group sales to
AJUfln from A$L3fen re-
flected the sale of two sub-
sidiaries, he said.

Per share earnings rose to
6L9 cents from 53.2 cents.
A maintained final dividend of
10 cents made the payout for
(be year 20 cents, a pind
19 cents last time.

The net was after tax of
A$llm against A$6.6m, net
interest of A$18m compared
with A$19m, depreciation of
Afl44m against A$lX35m
and minorities of A$4Jm

Kansai Paint enters the Indian market

BY R. C MURYHY IN BOMBAY

to build v ehicl es

COQKSGN of the UK has sold British company to vacate the
26 per cent of its equity stake area.

in Goo dlass Nerolac Paints, Kansai has acquired 842,000
India’s second largest paint equity shares of Rs 10 each at
company, to Kansai Paint, mark- Rs 45 per share. Kansai has
lug Japan's entry Into the been interested to increase Its

Indian paint industry. The sale involvement in India since — _ — ________ _

by Cookson, which holds 39.5 several Japanese motor manu- company^ paid a

per cent of Goodlass, is part of facturers entered Into collabo- dividend of 20 per cent tor that
a worldwide strategy of the ration deals with Indian year.

companies
locally.

Sales of Goodlass Nerolac rose
20 per cent to Rs 695w23m
(954.6m) in the year to June
1985 and made a net profit of

wIStaimrtilMolRiidfdbl

tforlnat

tappranaammercfnaw^emly.

SQMm&criftK

SAKAI CE

I DM I

CAL INDUSTRY CO., LTD.

(Saftai Kagaku Kogyo KabushOd Ka&a)

(Incorporated wfifi Smiled babiltty in Japan)

U.S.$35,000,000

31* PER CENT. GUARANTEED NOTES DUE 1991 WITH. WARRANTS TO SUBSCRIBE
FOR SHARES OF COMMON STOCK OF SAKAI CHEMICAL INDUSTRY CO., LTD.

The Mitsubishi TYust and Banking Corporation

(Mlaubishf Shbaaku Ginko Kabushiki Kasha)

ISSUE PRICE 100 PER CENT

IBJ International Lfamlcd

Banqnc Indosncz

Credit Suisse First Boston Limited

Morgan Guaranty Ltd

New Japan Securities Europe Limited

Wafco International (Enropc) Limttcd

The Nidto Securities Co., (Enrope) Ltd.

HfitaiMdii TVwt htewHiiml Timited

Sm ^ f utwi i u B^iql T Jmifw l

CrfdkLyoimris
Sanmcl Montagu & Co. Lhmted
Morgan Sianfty Internation a l
Salomon Brothers International limited

fS w i w i n I rafe

IRELAND
US. BIOOyOOOjOOD
R aa tfaig Rate Notes
due 1989

In aooonhnoe with the prowdam
of the Notts, nodca it harafayghen
that die Rate of hcaivst lor thn next
soc months 24th September, 1986 to
24th March, 1987 has been fixed at
6Vit per cent per annum. The
Capon Amount ptyable on Coupon
No. 10 wR be US$3^36u6k

THE SUHTFOMO RANK.

LIMITED
Reference Agent

BRITANNIA
BUILD ING SO CIETY

£150,000,000

Floatmg Rate Notes Dne I99fi
In aocorrianrr. with the unea and
wu d iliMi of the Notes, notice is
haeb]> given that for the lour months
Interest Period from (and tnrtwSng)
22nd Septembet ; 1986 to (bn
Otdutfin^) T a » iiim y J 1987, tbo
Notes wS aaiy a rate of interest of
9-80 per cent, per annum. The
relevant Interest Payment Date wffl be
22nd January, 1987. The Coupon
Amount per £10,000 wffl be £327 J6.
payable against suneadcr of Coupo n
Noel

US $188,100,000
Banco International S.N.C.

Floatmg Rate Notes Due 1991

In accordance with die provisions of die 'Fiscal
Agency Agreement between Banco Intemadonal
SN.C. and Pint Interstate Capital Mariocte Limited,
dated as of 15th September, 1986 notice is hereby
i that the Bate of Interest for die next six month

i nterest payable on relative Interest Payment Dale,
24thMarch 1987,mreroectofUS$100,000noinmal
amount of the Notes wm be US $3,456.60.

Reference Agent

First Interstate Capital Markets Limited

24th September, 1986

A : a

9 '

TUai

tiqipan m « matter of reooed ontjc

Tbshiba International Finance (UK) PLC

-Guaranteed by

£50,000,000

Sterling Commercial Paper Programme

Arranged by

County NatWest Capital Markets

DEALERS

County NatWest Capital Markets Limited
Kleinwort Benson Limited
S.G. Warburg & Go. Ltd.

. i

Issuing and Raying Agent

^National Westminster Bank PLC

ATbe Niaffifest Lncstment Bank Gtoap

September 1986

AU of these securities having been sold , , this announcement appears solely for purposes of information.

NEW ISSUE September 4, 1986

5,000,000 Capital Shares
5,000,000 Income Shares

Global Growth and Income Fund, Inc.

A Dual-Purpose Investment Company

The First Boston Coiporation

A. G. Edwards & Sons, Inc.

Ibe Nitto Securities Co.

fctwMlii . ,. 1 Tw.

Bear, Steams & Go, Inc.
Hambredit&Qinst

Imwijwi »m

Montgomery Securities

Alex. Brawn & Sons

lotMpcnttd

Kidder, Peabody & Go.

Inurpmted

DiH(Hi,Read & Go.bc.

Drexel Bumham Lambert

hmmid

LazardFreres&Go.

Morgan Stanley & Co.

a n w nnM

PaineWebb^

iBU c gmated

Gddman, Sadis & Go.
Merrill Lynch Capital Markets
Prndential-Bade

L F. Rotbscbad, Unteiberg, Towirin, he.

24

Financial Times Wednesday September 24 1986

INTERNATIONAL CAPITAL MARKETS and COMPANIES

Clive Wolman looks at a transatlantic accord on malpractice in the financial markets

UK and US sign agreement on fraud

A MEMORANDUM of Under-
standing which provides for the
confidential exchange of
information between regulatory
authorities to assist their
investigations of fraud and mal-
practice in financial markets has
been signed by the UK and US.

The signatories are Mr Paul
Channon, Secretary of State for
Trade and Industry in the UK,
Mr John Shad, chairman of the
Securities and Exchange Com-
mission (SEC), which regulates
Ihe US securities markets, and
Ms Susan Phillips, chairman
of the Commodity Futu res Trad-
ing Commission (CFTC), which
regulates the US commodity
futures markets. The two US
agencies are the counterparts
of the UK’s Trade and Industry
Department (DTI) because they
have the legal authority to
regulate financial markets. In
the UK, that authority remains
vested in the DTI although the
financial Services Bill will
alow it to be delegated to the
embryonic Securities and
Investments Board (SIB) next
year.

The Memorandum will be
amended when the new City
regulatory structure starts to
operate next year to take more
account of the roles of the SIB,
the Stock Exchange and pther
self-regulatory organisations.

The terms of the agreement
are designed to prevent “fishing
expeditions” by one authority
In search of anything that might
prove useful. Requests for
information from one authority
to the other must be in writing
or at least confirmed in writing
within 10 days. They must
specify what information is
requested, the general purpose
for which the information is
sought and the grounds on
which breach of a legal rule or
requirement is suspected.

Ihe agreement covers invest-

ment businesses, including
Investment and merchant banks,
brokers and market-makers, vad
investment managers and
advisers. It also covers back-
office staff, such as securities
clearing corporations and trans-
fer agents, and futures busi-
nesses, including commodity
trading advisers, commodity
pool operators and futures and
options brokers and dealers.

The purpose of the agreement
Is to allow authorities in one
country to pass on to the other
country's authorities informa-
tion which it already has or
which it can by its best efforts
obtain. The information must
be needed to secure compliance
with the regulations of the other
country. However, such assist-
ance may be denied by the
Secretary for Trade and Indus-
try in the UK or by the SEC or
CFTC after consultation with
the relevant US Government
officials. Information which is
not held by DTI for investment
or company law purposes can-
not be passed on.

The identity of any suspected
person must be disclosed except
when the information is needed
to identify suspects in cases
where insider dealing or market
manipulation or misrepresenta-
tion is being investigated. If
any outsider is likely to obtain
the information for other than
enforcement purposes, the
requesting authority must give
details of that person and his
interest

Requests should be addressed
to one of the other authority's
contact officers. If the authority
receiving a request believes it
does not comply with the terms
of the Memorandum, it can
require a higher officer within
the requesting authority to
certify it Such a certificate may
be challenged but only in writ-
ing and on substantive rather
than procedural grounds.

The information supplied can return to the requested auth*
be used to enforce or secure ority all documents and copies
compliance with investment re- whose contents have not been
guiations through investiga- disclosed and any other mat-
rons, enquiries or litigation erial which discloses the content
with a rule or requirement of such documents, unless such
specified in the request If the material is being used purely
rule or requirement was not for internal analytical purposes,
specified, the requesting auth- The authorities in both the

Mr Paul Cfannon , Secretary of State for Tad* and Industry (Left)
and Mr John Shad, chairman of the Securities and Exchange
Comm i ssion

ority must ask permission to
proceed from the requested
authority. The information may
also be used to conduct a civil
case or a criminal prosecution
against suspected offenders but
only if the rules or require-
ments that have been violated
wen identified in the request
Except for these purposes,
the information passed on must
not be offered to any other per-
son and the authority should use
its best efforts to ensure that
no other person obtains it
When the requesting auth-
ority has concluded its investi-
gation or proceedings, it must

UK and US have powers to
obtain information when exer-
cising their regulatory duties;
for example, in some cases they
have the power to search pre-
mises and seize documents.
They will: not however, be
allowed to exercise those pow-
ers purely to enforce foreign
laws. Bnt if, while exercising
its powers In the course of an
investigation for domestic pur-
pose, an authority obtains in-
formation which suggests that
a foreign regulation or require-
ment may have been breached,
it may provide the information
to the other country’s authority.

In addition, an authority may
pursue enquiries in the other
country provided it does so
“ with moderation ami re-
straint " and after consulting
with the host authority. Unless
the information the foreign
authority is seeking is in the
hands of a particular person,
the authority should also first
ask the host authority for the
information in accordance with
the terms of the morandum.

U the costs of providing or
obtai n i n g information are sub-
stantial, the host authority may
require reimbursement bom
tiie requesting, authority.

A consultation process
designed to improve the
operation of the Memorandum
will be triggered if one autho-
rity refuses to comply with a
request for information from
the other on grounds of public
Interest or if a host authority
refuses to permit the foreign
authority to carry out inquiries.
A change in market or business
conditions or in investment
regulations win also trigger a
consultation process.

Authorities will normally
keep confidential any requests
for information made under the
Memorandum and any other
consultations to the extent
permitted by law.

The Memorandum is to be
replaced eventually by a fully-
fledged treaty. The parties have
committed themselves to start
•negotiating the treaty within
12 months. Meanwhile, the
Memorandum, or any part of it,
will cease to have effect if any
of the authorities gve 30 days'
advance notice in writing. This
may happen in particular aa a
result iff a change in the regu-
lations of one country which
does not lead to an agreed
amendment to take account of
the change.

Sterling CP for Toshiba | Montreal bank in London | First-half

BY OUR EUROMARKETS STAFF

BY OUR EUROMARKETS STAFF

TOSHIBA, the electronics

group, is the first Japanese
borrower to arrange a sterling

borrower to arrange a sterling
commercial paper programme.

Its London-based finance
subsidiary, Toshiba Interna-
tional Finance, has mandated
County NatWest Capital Markets
to arrange a £50m programme,
guaranteed by the parent com-
pany. Kleinwort Benson and
S. G. Warburg are dealers in
addition to County.

Toshiba also has a sterling
bankers' acceptances pro-

gramme. When it requires
sterling funding. County ex-
pects to seek bids under both
programmes, convert them into
an equivalent yield basis, and
enable Toshiba to choose which
market to tap.

Mr J. Ultigai, managing
director of Toshiba Interna-
tional Finance, which funds tile
parent’s sales and production
operations in Europe, said he
expected the company to be
issuing most actively in the
three-month area.

BANK OF MONTREAL yester-
day inaugurated a separately

capitalised London subsidiary
which will underwrite and dls-
tribut Euromarket securities.

The subsidiary. Bank of Mon-
treal Capital Markets, has
assembled a 21-strong trading
and sales team headed by Mr
Brian Watters. It seeks to
arrange and trade issues in the
Enrocommerdal paper market
as well as in Eurobonds.

Mr George Neal, an execu-
tive vice president who heads

the group’s capital markets
operations from Toronto, said
the move reflected a shift in the
mix of the bank's business from
commercial towards investment

h anking .

Bank executives made dear !
that the focus on capital mar-,
markets was a defensive move
designed to maintain relation-
ships with the bank’s traditional

downturn

at Saipan

snips with the oaiurs traditional
easterners, mostly in North
America and especially in
Canada.

TTite arraouncsmentappears as a matter of record onty:

SYDBANK A/S

U.S. $40

Multicurrency Facility

By Christina Pagbera In Mlbn

SAIPEM, the oil and gas pipe*
■ laying and drilling subsidiary
of Italy's ENI state-owned
energy group, has suffered aa
a result of the crisis in the
world oil sector, seeing both
its profit and revenues take a
j raimumHai drop in the first
lutf of this year.

■ Hr flfamni Del’Orto, Sat-
pem'g president, said yester-
day In Milan that gross
operating profits were down-
by more Hun 4» per cent, to
12821m (US$20m) In the first
six months of 19M. Turnover
fell by 62 per cent to L5811m
(USftllm).

Some B5 per cent «f Sal-
pern’s revenues come from
pipelaying activities, while a
further 23 per cent Is derived
from oU and gas drilling con-
tracts. The company said
yesterday the profit and turn*
over declines resulted from
falling crude prices, the weak-
ness of the US dollar -

But Saipem stressed that it
stfll has an order book worth
U2HHn, incfauHog contracts
In the USSR, Yemen. I nd ia
and the UK. The company
even went so far as to forecast
a full-year profit double that
of last year, when the con-
solidated net came to I B52 bn .

Arranged by:

Chase Investment Bank

Joint venture
merchant bank

for China

Provided by:

The Chase Manhattan Bank, NA

Commerzbank International SA

Osterreichische Voiksbanken

Akttengasaflschaft

Banque Bruxelles Lambert S A

Caisse Central© des Banques Populaires

Italian International Bank Pic M

(Monts dal Pratt di Stona Banking Group)

State Bank of South Australia

Banque Continentale du Luxembourg SA

Bohusbanken

Kuwaiti-French Bank

Sod6t6 G6n6raJe Alsacienne de Banque

Credit General S A de Banque

FQreningsbankemasr Bank

ForstaSparbanken

Sk&nska Banten

Agent:

The Chase Manhattan Banl^ NA

CHINA'S FIRST Joint ven-
ture merchant batik Is dm to
open (fcb autumn in the
Shenzhen special economic
zone, Reuter reports from
Peking.

The People’s Dally news-
paper said each of the five
partners in China Interna-
tional Finance has an equal
share in the f7m capital. They
are the state-owned Bank of
China, Bank of East Asfi of
Hong Kong, Security .Pacific
of the US and Sumitomo Bank
and Nomura Securities of
Japan.

The v e nt ure will offer nor-
mal banking services and
raise funds for Otiua’s econ-
omic development.

China has 62 trust and in-
vestment companies, most of
them set up by local govern-
ments and specialised banks.

Foreign bonds have beat
framed by China Ititenutional
Trust and Investment and the
trust and Investment com-
panies of Fujian, Shanghai
and Guangdong.

The companies are playing
an increasingly important
role In the hanking system,
providing such services as In-
vestment In local and foreign
currencies, loans, leasing and
economic eousufraney.

September, 1966

Carr bays into
Malaysian firm

Chase

Investment

Bank

W. L CARR Sons and Co
(Overseas) has agreed to
acquire a 30 per cent stake In
Seagroatt and Campbell, a
Malaysian stock brokerage
firm for about HKSlSm,
Reuter reports from Hong
Kong.

The -wholly-owned subsidi-
ary of Exco International of
the UK said the deal Is
expected to be completed by.
the end of the year, depend-
ing on approval from the
Malaysian authorities.

Small rise in dollar bonds/ # ' ,t
on news of US inflation

BY ALEXANDER NfCOUL

CAUTION CO NTINUE D to be
the watchword yesterday, as tins
Eurobond market first waited
for the US consumer price index
figure and then observed New
York's reaction to It

Although small buying
interest was sparked by the
lower than expected 02 per cent
rise in Ihe index in August and
taya fall in US durable goods
orders, demand remained very
muted and most retail investors
stayed away. Secondary market
prices for dollar Eurobonds did,
however, rise by half a point or
so.

fa these

with, some key syndicate
managers apparently pre-
occupied by the Flat share
placing— there were few new
issues. Yesterday's holiday in
Japan for the autumnal equinox

may also have contributed to the
market’s quietness.

The only new dollar Issue
was, however, for a Japanese
borrower, smwihn Europe, a
subsidiary of Shimizu Construc-
tion, made a f50m issue with
tire guarantee of Dai-Ichi
Kangyo Bank. Led by Yamaicfai
International (Europe), the
five-year issue has an 8 per
cent coupon mod was priced at
101}. Some of the placing was
expected to await Tokyo's open-
ing today.

In the D-Mark market; Danish
Export Finance launched a
DM 160m five-year issue led by
Commerzbank. With a 6 per
™»nt coupon and par pricing,
the terms were generally seen
as fair and the issue was bid
at a discount eqpal to the 1} per
rent selling concession.

The D-Mark market was up }
to } point in the afternoon on
the back of New York’s gains.

In Switzerland, Echo Bay
Mines of Canada made a novel

SFr 75m 10-year issue carrying
five-year warrants to buy gold

at $560 per ounce, about ft) per
cent over current levels. Led
by Credit Suisse, the issue has.
an indicated 4 per cent coupon- 1 .

Texas Eastern's SFr lOOnjr
issue was set with a 5} per cenif
coupon, higher than had been
indicated, and was priced at
100}. The City of Vienna is
expected In the market with t
SFr 200m issue next week.

Swiss bond prices rose sli . .
Seagram’s SFr 250m 99-year
issue ended its first day’s trad-
ing at 99} against a par issue
price

Foreign rush for Tokyo listings

BY YOKO SHBATA IN TOKYO

FOREIGN COMPANIES are
seeking share UcHwg g qq the
Tokyo Stock Exchange in in-
creasing numbers. The number
quoted has risen to 32 from 21
at the beginning of this year.
Applications now in the pipe-
line are expected to raise the
total to over 50 by the end of
1984T and to about 80 next year.
By comparison, only 53 foreign
companies shares are listed on
the New York Stock Exchange.

Among those which have
been listed In Tokyo this year
are Barclays Bank, British Tele-
com and Cable & Wireless of
the UK; Westpac, the Austra-
lian hanking group; Canadian
Imperial Bank of Commerce
and Toronto Dominion Bank
from Canada; and Chrysler,
Eastman Kodak, McDonalds,
S mith K line Beckman and Waste
Management of the US. Com-
merzbank of West Germany is
due to be listed on .October 1
and Royal Bank of Canada later
next month.

The TSE’s foreign section
was first set up in December
1972 with six namas, Citicorp,
Dow Chemical. First Chicago,

GTE, Paribas and IU Interna-
tional. By the end of 1976 the
list had grown to 17, but num-
bers declined in the next few
years in the face of what many
companies complained were
high overhead costs and bureau-
cratic difficulties.'

Alarmed at the number of
foreign companies that chose
to delist the TSE authorities
took steps in 198S-84 to reverse
the process. The soc ailed dual
auditing requirement was
dropped, while the documenta-
tion needed for a foreign com-
pany’s initial listing was re-
duced and simplified. Some 10
foreign companies responded
quickly to the reform, and the
n umb er has grown steadily since
then.

At the same time as the
number of companies listed has
increased, the volume of deal-
ings on tiie TSE in foreign
shares has also expanded. Last
year transactions readied 134m
shares, but in the first six
months of 1986 they soared to
185m. This summer's rally saw
monthly transactions in foreign
shares top 15.5m in July and

30.4m la August

Trading appears to have
been stimulated by the entry
of increasingly well-known
and liquid multinational
stocks. Further attractions for
Japanese investors are the
relatively low price/eamings
ratios of foreign shares com-
pared with those of domestic
companies, and the fact that
they are offered effective cur-
rency diversification on their
own domestic stock exchange.

Mr Frederick Zuckerman. a
Chrysler vice president pointed
out when his company obtained
Us listing last week that its
P/E ratio would be the lowest
of any listed foreign stock and
predicted that dealngs would
he active.

For the TSE itself, the hope
is that foreign companies will
use Tokyo as a market on which
to raise equity finance, rather
than regard a listing merely as
a prestige exercise. Exchange

* i , •* v?

*•: ’J1L4 fc » **■

Vi if y.1

officials also regard a healthy
list of foreign stocks as anr
essential precondition of the
introduction of simultaneous,
round-the-world trading

FT INTERNATIONAL BOND SERVICE

listed arm

6ie 200 htot International bonds for which there is an adequate secondary market.

Closing prices on September 23

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tettk. Rkrin. 13 89 AS
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CMAC949ZCS

Ikoal Torn* 104 90 CS

Scan See. 10% 92 CS

Coca-Cola F. C. 17.90 NS

tonmark 17409 MS

UnaemrCap.l7%MMS-
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hap. Ombu tab. 10 <B£_
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fate, to Inch. lot 10 93 £
Uadi BMB- Sac. 104 9l£

McDonald! 10% 90 £ — _
NaHonadda-BS 10% 93 £
NSWThmarrl0492£-
Nawal Iasca.l01t92£

J. SfctoJbory 10%9S£
Traattane Forts 114 90 £
World Bart 11% 95 £
CoE8%95LFr

era s% 9s if* — ;

M* 58%

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75 974

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75 984

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99% 484
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-2% XUS
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-14 1185
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-34 2188
+84 28.92

-1% 2198
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K

\

25

Financial Times Wednesday September 24 1986

INTL. COMPANIES and FINANCE

John Wicks on the Swiss travel group’s diversification plans

sets up in hotel management

KUONT TRAVEL, a leading
International name In the travel
agency and tour operator indus-
try, Is spreading its wings. A
hotel management subsidiary,
formed in July, is working on
S6 projects as far apart as the
Caribbean and East Africa.

RelsebOro Kuoni, the Swiss
parent company, goes back to
1908,' when Mr .Alfred Kuoni
added a travel agency to the
family freight group. Today it
.claims to be the third largest
travel organisation in the world
i;. S|with a 1985 turnover of
\SFr L4bn ($869m) and opera-
rJ -- fttons in 15 countries. Swissair
i holds a majority of the shares;

small packets are in the posses-
- t sion of the Kuoni-Hugentobler
•; Foundation and Union Bank of
Switzerland. Bearer shares- are
■ Quoted on the Zurich Stock
Exchange.

Mr Jack Bo 111, company chair-
man, under whose leadership
Kuoni has doubled its sales
since 1977, admits that times
are hard in the travel agency
business. Switzerland last year
accounted for 60 per cent of
group turnover— the share will
be higher In 1988 due to the
strength of the Swiss franc.
But the market is subject to
a cut-throat price battle. “Custo-
mers are not very loyal,” says
Mr Bolli wistfully.

At the same time, inter-
national travel is suffering
from the effects of terrorist
attacks and the foreign exchange
situation. Air fares are chaotic,
and reservations in any case are
being made increasingly through
the airlines' own reservation
systems.

Depending on the Swiss
francs level, Kuoni group' sales
seem likely to remain at about
1985 levels. Parent company
profits, which rose 15 per cent
last year, should be satisfactory,
says Mr Bolli, but without
setting another record. It cer-
tainly seems out of the question

that the dividend will be in-
creased for the third year in
succession.

The British operation remains
one of the jewels in the Kuoni
crown. The Swiss group moved
into England in 1965 by taking
over Challis and Benson, the
Bond Street travel agency, soon
to become the leading tour
operator for long-haul holidays
in East Africa, the Caribbean
and the Far East Jn 1974 the
company acquired Houlders
World Holidays— its major com-
petitor— In Dorking. Kuoni now
runs it as Britain’s biggest long-
distance holiday operation.

The UK subsidiary Is a
pioneer in the use .of chartered
Concordes for. holiday flights;
coming up is a £l5,000-pliu
round the world by Concorde
trip for the particularly well-
heeled. It continues to do well
for itself. Mr Bolli expects yet
another record earnings figure
for this year.

Not all Kuoni’s foreign ven-
tures have proved so successful.
In the past couple of years the
group has pulled out of several ■
branch operations which were
not paying. This rationalisation
programme has now been com-
pleted, and travel 'agency
activities seem set fair to
expand again. This year Kuoni
has taken over several Swiss
agencies and opened others —
including prestige units at the
International Olympic Com-
mittee in Lausanne and at the
new regional General Motors
headquarters in Zurich. -

Mr Bolli does not foresee
entering any new national
markets at present. However,
iwriwttfig operations — "particu-
larly those in Europe — are being
expanded. There are moves to
build up tour operator activities
in Spain and Austria and out-
going business in Italy and
Greece; there could also he an
increase in Kuoni’s French net-

Mr Jack Bolli; expects satis-
factory profits

work of nine travel agencies.

ji* and above this, Kuoni
began to feel the need for some
form of diversification— but only
in sectors where the company
already had some know-how.
“This could have meant hire-
cars, aircraft, shops or hotels,”
says Mr Bolli. “ Since we had
to decide on a priority, hotels
seemed the most obvious.”

. Even before setting up
Kuoni Hotel Management,, the
group had been involved in the
business. It has minority stakes
in Hotel Nyali Beach and Reef
Hotels in Mombasa, while Kuoni
(Caribbean Enterprises), the
British Virgin Islands holding
subsidiary, owns the Discovery
Bay on Barbados and the
HawksbOl on Antigua.

The company also had plenty
of experience of the hotel
sector as a major tour operator
— and a highly-skilled hotel

manager in the family in the
person of Mr BoGi’s son
Hansruedi. with 20 years in the
business.

As general manager of the
new subsidiary, Mr Hansruedi
Bolli envisages contracts with
between 25 and 80 hotels within
the first three years. As yet,
Kuoni does not have any
immediate plans to buy any
hotels other than its two existing
Caribbean properties, though it
appears an offer is being con-
sidered. The general rule will
be the management on an
individual basis — Mr Hans-
ruedi Bolli does not want any
housffstyie s tandardisation —
of resort hotels, mostly in the
Caribbean and the Mediter-
ranean.

Already, Kuoni Hotel Man-
agement has several working
contracts. Apart from running
the group’s own properties in
Barbados and Antigua, it man-
ages three co unt ry hotels in
Switzerland and has a consult-
ing agreement wish a. fourth,
as well as management con-
tracts with several properties
elsewhere. These include the
Comino in Malta, which is to
be expanded; the Hotel Kiris
in 'Antalya, Turkey (Kuoni
stake: 10 per cent); the 500-bed
Deep Bay on Antigua, due to
open in a year’s time, and the
5180m Royal Louvet project on
St Lucia for completion in two
or three years as the Carib-
bean’s biggest single holiday
and leisure centre.

. Other contracts, still under
consideration, are for resort
developments in Greece, the
Caribbean, East Africa and the
Canary T«ianits-

The main criterion for Mr
Jack Bolli is that the hotel
business should make money.
Knonl-rah hotels will not grant
special prices to Kuoni Tour
operators and will all have to
justify themselves as profit
centres.

'.V

Danish electrical group
in first-half setback

BY HILARY BARNES IN COPENHAGEN

a*

V), g.

*. -4,

GREAT NORTHERN Telegraph
reports a drop in first-half
profits from DKr 50m to
DKr 38m (55m), despite an
increase in extraordinary in-
come from DKr 25m to
DKr 41m. Turnover rose by 8
per cent to DKr L3bn.

The group has sold its Hello-
sens battery sales subsidiaries
in the four Nordic countries to
Dura cell, its American compe-
titor. Hellesens will cease pro-

duction of ordinary batteries at
its plants in Denmark, but will
continue to produce lithium and
alkali batteries. Hellesens has
incurred substantial losses.

GNT's first-half results were
affected by a substantial loss
by Dana vox, the group’s hearing
aid manufacturer in the US.

Operating, earnings for the
whole of this year will be some-
what lower than, in 1985. Rut
net profits will be unchanged

Kemira earnings decline
7% at sax-month stage

BY OLLI MBTAIUI IN HELSINKI

KEMIRA. the Finnish fertiliser
and chemical industry group,
reports half-year profits before
appropriations and taxes down
7 per cent at FM 136m (528m).
Group turnover for the period
increased by 4 per cent to
FM 8.46bn compared with the
first six months of 1965.

- The agriculture division,
which accounts for 41 per cent
of the group’s turnover, suffered
most Its turnover came down

itf’flfr. ‘ 1 „i..r ■

by a fifth because of lower
fertiliser prices and increased
competition In Europe.

The best performer was the
titanium dioxide division,
thanks to the acquisition of
American Cyanamid’s titanium
dioxide plant in Savannah.
Georgia, in the summer of
1985. The plant’s figures were
consolidated as of the begin-
ning of this year .

a.

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*£ .f

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NOTICE OF REDEMPTION
lb the Holders of

General Mills, Inc.

US. 8100,000,000 12% Notes, Series A, due December 19, 1991

NOTICE IS HEREBY GIVEN to the holders of the outstanding 12% Notes, Series A, due December 19, 1991 (the "Notes”) of General Mills, Inc.
(the “Company”) that, pursuant to the provisions of Section 7(a) of the Series A Fiscal and Paring Agency Agreement dated as of December 19,
1984 between the Company and Morgan Guaranty Trust Company of New York ( the "Fiscal Agent") and Paragraph 4(a) of the Terms and Conditions
of the Notes, t he Company has elected to redeem on October 15, 1986 115- 523,715,000 principal amount of the Notes (the “Redemption Notes")
at a redemption mice equal to 101% of the principal amount thereat together with accrued interest to said date, in the amount ofU.S. $49353
for each U5. 15,000 principal amount and US. 59o657 for each U5. 510,000 principal amount as follows:

OUTSTANDING NOTES OF 95,000 EACH BEARING THE FOLLOWING DISTINCTIVE NUMBERS:

7

306

604

900

1233

1671

1917

ri

3009

3382

3752

4099

4471

4797

5170

5480

5796

6ll5

6460

6797

TIM

7496

7813

307

60S

914

1238

1572

1«1

2287

I* 1 ?!

3011

3390

3755

4105

4472

4814

5130

57^

6125

6464

6805

7108

7497

7819

17

314

6X1

91fl

1241

1577

1934

2308

7879

3013

srn

3782

4115

4477

4823

51371

5471

5601

6104

6465

mm

7110

7501

TIBI

19

317

015

921

1243

1580

1944

2315

2709

3016

3400

376S

4124

4479

4826

5133

5479

5811

6138

6471

6810

7111

23

337

619

932

1260

1587

1953

MM

2734

3033

3408

3765

4128

4492

AStW

5155

0403

5912

6146

6476

6814

TUB

7506

783Z

338

627

939

1269

1590

1954

2331

2737

aoM

3415

3768

4129

44W

4839

5161

5404

0014

8153

6478

6816

7130

7509

7835

27

942

1273

1593

3044

3417

3783.

4135

4509

4842

5164

6817

6406

£826

7136

7510

28

345

fl82

949

1610

ItfK

2343

2746

3067

3437

8785

4141

4S14

4850

5166

5501

5624

6160

6510-

bKW

7135

VW4

349

633

950

19?9

1614

2345

77S1

3058

3428

3786

4155

4516

4864

5169

i^AQ

5626

6I7Q

6514

6831

7137

7S2S

34

647

953

1618

3067

3431

3791

4157

4523

4859

5181

55X0

5044

6171

6533

6840

7152

3ff

g59

649

957

1624

1981

ran

2763

2088

3437

380S

4168

4525

4873

KliU

5575

5049

6173

6546

6852

7154

7535

7868

41

653

%4

12^0

1627

3070

3806

4172

4634

4875

5186

5656

617*

6548

6854

7164

Vs&3

W»

57

364

660

968

1301

1634

1991

2770

3079

3454

3807

4175

4544

4875

5188

5544

5857

6165

6550

6858

7168

7556

7875

60

365

663

972

1304

1A5A

1996

2361

277ft

3093

3456

Suit

4181

4545

4877

5212

5546

5665

6198

655?

mst

7173

7558

7879

»

367

070

974

1 Wfi

1659

3084

3814

4192

4551

4880

5222

S547

5070

6204

6557

6873

7174

7562

7881

91

372

073

975

1668

2041

7389

2789

3090

3471

3623

4201

4M»

4887

5226

5549

5874

6210

6558

6878

7180

7566

7888

97

•373

675

983

1374

1669

WKfl

9709

27PS

3003

3479

3824

4208

4572

4906

5232

5553

5006

5216

6565

8887

7187

7574

7889

374

6^5

ion

1349

1670

2062

2396

20M

3111

3480

3843

4215

4574

4916

5239

5363

5903

672?

6575

6889

7102

7r»77

376

- S9S

1013

1354

1677

2067

2409

2805

3120

3483

3845

4218

4578

4922

5245

5574

5909

A29A

4578

6891

7200

7588

7896

1M

339

R4R

1015

1362

1682

3131

3483

3850

4223

4578

4923

5247

5579

5013

6232

6591.

6895

TZ02?

7594

104

300

701

1023

1367

16M

3092

2413

2809

3484

3873

4224

4588

4Mb

UMU

5589

5035

6250

6507

0099

7204

VMS

7901

113

406

704

1027

1378

1707

2095

2418

2017

3141

3486

3874

4231

4590

4946

5274

5593

5837

6252

ficon

6901

72ft?

7598

7908

T9fi

410

709

1041

1382

1708

2097

2424

2819

3184

3491

3875

4244

4591

4958

5278

5596

5940

S2S8

6533

6802

7226

7606

7910

129

414

730

1042

1385

1712

2109

2433

2820

3161

3498

3890

4249

4594

4S60

5283

55S7

5942

itmvI

6600

6921

7230

7607

7932

133

415

738

1045

inm

1713

2113

2434

pfp»2

3175

3519

4257

4598

4961

5290

5599

5945

6601

6829

7237

7613

7935

139

428

1068

1389

1736

2119

2443

3178

3514

3897

4280

4619

4962

5301

6602

5946

6281

6604

6954

7239

7615

153

431

741

1062

1390

1738

2123

2447

2830

3180

3532

3903

4282

4636

4968

5309

5613

5952

6606

8964

7243

7618

7948

137

438

745

1064

1402

1739

2X29

2455

3190

3537

3906

4284

4639

4970

5310

6614

6958

6287

6612

MfK

7256

7631

7953

167

442

752

1070

1413

1747

2130

2463

TPEJL

3104

3645

3913

4287

4642

4974

5317

5617

5969

fi397

6815

6966

7264

71KB

7963

IRK

447

7S7

1066

1416

1753

2147

2473

9ARI

fn 4fb

3903

4290

4644

4976

5318

5027

5960

I-yl

6973

7280

7643

7965

171

459

759

1090

1421

1754

£148

3478

2865

3201

3552*

3924

42SS

4661

4980

5337

5634

5961

|.f

r l

6987

7261

7664

7972

172

462

762

1101

1422

1755

2149

2480

2870

3771

3555

3988

4296

4662

4984

iiflbfl 1

5636

5963

G661

6994

7286

7699

7983

178

478

788

1102

1426

1769

2150

2485

2873

372^

3576

3946

4304

4669

.4986

5343

5644

5966

6664

70X3

7298

7700

7986

184

483

774

1108

1428

Z774

2151

2489

358**

3953

4306

4672

4989

5345

56^-5

5979

5878

7015

7200

7701

194

490

780

1117

1429

2152

2490

2806

3283

3592

3961

4307

4680

5003

5346

5651

KQR2

6603

7016

7305

•7/04

205

492

782

U18

1432

1817-

2155

2494

2888

374R

3601

3969

4308

4687

5015

5358

5652

5983

KARA

7018

7314

7713

207

494

790

1128

1438

1818

2162

2502

28pQ

3255

3604

3970

4311

4700

5016

5381

5559

MOB

AflQS

7023

7319

7717

Z1I

MW

799

1129

1441

1819

2163

2S2S

2097

3257

3974

4312

4705

5017

5365

5667

6000

6694

7028

7326

7720

212

518

820

U3S

1442

1827

2169

2527

94AR

S2R5

3623

3984

4326

4709

5021

5366

5602

6003

6698

7033

7722

223

528

825

1138

1445

1840

2170

2535

?91Q

3995

4334

4722

5025

5371

5086

6004

6713

7035

7351

7724

225

534

829

1138

1446

1845

2176

2540

9011

; 272

3631

4347

4723

5038

5375

■MW)

6015

K.-sVJ

7038

73S2

7731

283

538

1140

1450

1846

2177

2545

2919

:

3640

3999

4350

4726

5046

5382

5693

0032

■ rt rl

7043

7358

7741

244

541

1144

1454

1848

2178

2547

2928

• 290

3645

4004

4355

4730

5060

5386

5696

6034

6729

7051

7384

7743

261

543

844

1154

1459

1850

2179

2548

2932

' 5*82

3658

4011

4356

4731

5062

5388

5697

6035

8731

7052

7365

7760

546

845

1171

1476

1852

2199

2548

7938

t 288

3660

4021

4378

4738

5064

5398

5700

OKI

6744

7053

7378

7762

F u'l

549

847

1173

1481

1872

2206

2556

2944

; 289

3663

4022

4379

4738

5070

5403

5764

6057

6747

7055

7383

7767

271

550

852

1175

1484

1875

2214

2571

' 940

36 5

4043

4383

4739

5074

5404

5736;

HWA

6752

7056

7417

7771

275

553

882

UTS

1491

1878

W1

2572

70*31

3291

36 0

4049

4384

4743

5075

5405

5737

6072

6758

7057

7432

7781

277

556

865

1177

1500

1879

2235

2587

2950

Hfi A

4052

4391

.4753

5084

5412

5748

6077

6763

7066

7438

7783

284

568

868

1190

1518

1881

2236

9QRR

1)2^9

36 7

4065

4404

4' 59

5085

5414

5751

6080

6764

7069

7443

7784

285

576

868

1201

1528

1885

2238

2597

948%

3307

M ft

4076

4424

4763

5087

5415

5760

6084

6768

7071

7448

7785

287

579

871

1205

1527

1886

2246

2606

2990

3304

36* 7

4078

4425

4770

5093

5432

5768

6091

6776

707*

7460

7787

291

582

R73

1210

1S29

1894

2258

2817

7994

37 D

4085

4427

4772

5099

5446

5778

6095

6781

7088

7472

7788

292

600

881

1211

1534

1888

2266

2637*

3f)03

7H0

37*13

4092

4432

4776

5102

5451

5777

6096

8792

7093

7476

7798

294

601

889

1212

1535

1910

2272

2838

9005

3355

4094

4453

4781

5104

5453

5779

6104

6794

7097

7477

7799

287

602

894

1219

1567

1912

2274

2657

3008

3361

3740

4098

4469

4792

5107

5457

5768

6105

6796

7101

7479

7807

OUTSTANDING NOTES OF 510,000 EACH BEARING THE FOILOWING DISTINCTIVE NUMBERS:

3

246

467

699

931

1174

1400

3644

1918

2139

2387

2675

2917

3191

3481

8748

4002

K

249

468

700

934

1175

1401

1647

1919

2140

nm

2678

2921

3196

9454

3747

4006

9

252

470

702

939

1178

1409

1GS4

1923

2142

2390

2679

3199

3455

3751

4013

11

259

471

705

942

U81

1410

1655

1924

2148

2396

2680

2924

3202

3460

3752

4022

13

261

474

711

949

1182

1412

1656

1928

2154

2400

2687

2938

3205

3462

3754

4024

13

264

475

713

950

1185

1413

1659

1Q»

2155

2401

2688

2941

3209

3472

3756

4028

14

265

479

714

952

1189

1415

1663

1905

2161

2413

2690

2947

3213

3483

3763

4030

15

267

480

726

953

1191

1418

1664

1937

2166

2414

2693

2950

3216

3484

3775

4032

*3

268

481

727

956

1192

1425

1673

1939

2169

2416

2697

2956

Mi

3495

3777

4034

26

270

483

729

963

1195

1426

1678

1941

2172

2417

2698

2956

3227

3498

3778

4035

27

275

485

730

964

1196

1429

1681

1943

2177

2418

2700

2965

3232

3501

Ifcl

4038

28

279

487

731-

971

1198

1430

1682

1947

2181

2428

2703

2969

3234

3S02

4041

30

285

488

733

973

1200

1432

1683

1951

2186

2430

2705

2976

3237

3505

3794

4042

33

287

-4IM)

7*4

975

1204

1435

1690

1956

2190

2431

2706

4043

36

289

497

742

977

1209

1702

1957

2191

2433

2710

2984

0244

359ft

4045

39

291

506

747

979

1214

1437

1704

1958

2200

243S

2711

2968

5HHS1

3511

3805

4046

47

292

514

748

965

1215

1 419

1706

ss

2208

2439

271*

2991

3205

0514

i£i

51.

293

515

751

1216

1445

1717

2215

2440

2718

2994

0200

3515

55

297

518

754

1217

1451

i(vn

37!18

2446

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Payment will be made, subject to applicable laws and regulations, in UJ5. dollars on and after October 15, 1986 upon presentation and surrender
of the Redemption Note* with coupons due December 19, 1986 and subsequent conpoas attached, fefllngwhich, the amoont of missing unmanned
interest coupons will be deducted from the sum due for payment and paid in the manner set forth in theTenna and ConditioxiB of the Notes against
surrender of the related missing interest coupons within the period of time prescribed by the applicable statute of limitations, at the main offices
of the Fiscal Agent in London, Brussels. Frankfurt am Main, Paris and lotyo, the main office of Amsterdam-Rottordam Bank N.V. in Amsterdam,
the main office of Swiss Bank Corporation in Basle and the main office of Kredlethank S-A. Luxembouigecise, in Luxembo ur g. Payments at said
offices will be made by a United States dollar check drawn on a bank located in The City of New York, or by transfer to a dollar account main-
tained by the payee with a bank in London. No payment on any Bearer Note* will be made at the Corporate ’Ernst Office of die Fiscal Agent or
any other Paying Agency maintain ed by the Company in the United States not, except as otherwise permitted by U.5. Treasury Regmafion*
without adverse tax consequences, wiQ any payment be made by transfer to an account maintained by the payee in, or by mail .to an address in,
the United States.

From and after October 15. 1986, th e Re de mpti on Notes will no longer be outstanding and interest thereon shall oease to accrue. U.S. $1,975,000
principal amount of Notes will remain outstanding after the redemption.

It is suggested that each holder consult bis own tax advisor concerning his particular tax situation.

lie transfer may be subject to reporting to the United States
of the gross proceeds if payees not recognixed as exempt recipients fell to
provide a Paying Agent with an executed IRS Form W-8 in the case of non-US. persons or an executed IRS Form W-9 In the case of UJ5. persons.
- Under the Interest and Dividend lax Compliance Act of 1983, we may be required to withhold 20% of any gross payments made within the
United States to eextain holders who foil to provide to a Paying Agent listed above, and certify under penalties of perjury, a correct taxpayer
identification number (employer identification number or social security number; as a ppro p riate), or an exemption certificate on or before the
date the securities are presented for payment. Those holders who are required to provide their correct taxpayer identification number on IBS
Form W-9 and who foil to do so may also be subject to a penalty of $50 imposed by the IRS. Please therefore provide the appropriate certification
when presenting your securities for payment.

GENERAL BULLS, INC.

DATED: September 16, 1986

OTSAIPKXreCE MnTTArPEAMiaSA r——
JLU OF THESE SECUHTRES HAVE SEEK SO&D

EASTMAQUE GOLD MINES LTD.

3,200,000 UNITS AT C$7.50 PER UNIT
TO RAISE C$24,000,000

Each Unit consists of oda Ccmunon Share of no par value
and one 8 per cent Cumulative Convertible Preference Share
of no par value

Racing by

JAMES CAPEL & CO.

1888

m

FINANCIAL TIMES
CONFERENCES

Electronic

Financial

Services

-The Key to
Competitive Advantage

15 &16 October, 1966

For kitonnaltonpleax return this
advortsBment,togelherwit}iyvur
business card, to:

Financial Times
Conference Organisation

Mincer House, Arthur Street,

London EC4R9AX.

Alternatively,
telephone 01-621 1355
or telex 27347 FTCONFG
fax 01-623 8814

i

26

Financial ^Times Wednesday September 24 1986

TECHNOLOGY

‘New papyrus’ is set for take off

EVER SINCE sates of die com-
pact disc player took off, t htt
high-performance audio system,
has had a lacklustre cousin: a
machine based on the same
technology but which stores
computer data instead of music.

Called CD ROM, for compact
disc read-only memory, the
technoJpgy Is a computer data
storage medium so powerful

that Industry leaders have

called It-- in the title of a recent
book — “The New Papyrus.** In
one application, a 20-volume
encyclopedia is held on a
single dSLsc, just 5} indies
across and weighing less than
an ounce. With some 600 mega-
bytes of capacity, the techno-
logy offers a thousand times
the storage of today's floppy
disc.

So far, the promising techno-
logy has been hamstrung by
costs, a lack of standards .and
market misconceptions. Hard-
ware retailing at some 91,000
per player discouraged sales,
while tiie limited population of
machines left software pro-
ducers with little incentive to
produce discs.

But now, CD RDM may be
ready to move up-market in a
big way.

Last week, in what Industry
executives say is a major boost,
Microsoft Corp*. of Seattle, said
it would develop an extension
to its widely-used computer
operating system, willed MS
DOS, to support CD ROM tech-
nology. The Microsoft an-
nouncement conies hand-in-
hand with the successful con-
clusion of a 13-company
stan dards-de velopment effort
that for tiie first tithe, makes
it possible for producers of
discs, the suppliers Of infor-
mation that goes on them and
the makers of machines that
play them to turn but com-
patible products.

"This wUl lead to a tre-
mendous increase in the use of
CD ROM with personal com-
puters," says Gilbert Held, a
consultant who wrote a just-
published report oh the subject
for the market research com-
pany Frost & Sullivan. Count-
ing players and discs, he
estimates the market at over
91bn by 1990.

The Microsoft move is par*
ticularly significant because of
the large number of personal
computers using MS DOS— in-
cluding IBM personal com-
puters (PCs) and many IBM
compatibles. Microsoft itself
estimates that over ,6m PCs
worldwide Use MS DOS. That
figure la growing fast. IBM and
compatibles have over half the
market and market researcher

BY JANE RIPPETEAU

World market for CD ROM players

Projected

production

1,80ft (Dob units)

978

■

Projected
factory sales

202*8 (Smfflon)

As US factory prices cascade from $600 now
to about $135 by 1990, CD ROM player shipments
and revenues are expected to soar

Datasheet of San Jose, Cali-
fornia, estimates that by the
end of 1986, there will be an
installed base of PCs in the US
of nearly 19m.

. This "gives credibility to CD
BOM," says Meino G. wborden-
bos, product manager in the
Telecommunication and Data
systems unit of Philips, the
Dutch decttottite major. Philips
with Sony Corporation, of Japan,
pioheered CD technology mid
the two companies dominate
player production.

Microsoft’s MS DOS extension
is to conform to the reCfcntiy-
a greed standard, which con-
cerns organisation of data on a
disc— dor instance , file partitions
and tables of Contents. Micro-
soft, Philips and Sony were
among participants &i the. stan-
dards body. Called the High
Sierra Group.

Without such standards, hot
every CD BOH player Can read
every CD bom tiflc. That

capability depends oh how to-
formation is recorded oh discs,
which art called optical because
tiny pita pre s sed into them can
be read by a laser beam as a due
antes. Some standards, covering
Cte aiae of the disc, rotation rote,
data density and other para-
meters, already existed. The
latest set, the last needed, has
been submitted to international
standards setting bodies tor
approval.

In the meantime “we think
it will be a de facto standard,"
says Roger Hilde, marketing
operations manager for optical
discs at 8M. file St Paul, Min-
nesota, materials and industrial
products company. SM, a lead-
teg producer of the discs, alto
took part in the High Sierra
Group. “ We have already pro-
duced our first disc to that
standard,” he adds. The disc
is a data base on the US
Census prepared by the Depart-
ment of Commerce.

HUde Says that the rnUnbUr

of wwnhig to SM to have
information preseed into CD
BOH discs "Is g r ow i n g very
significantly." One new custo-
mer is Datext Inc, which last
January howw its first ship-
ments of a product that is
rtnniij latest tf w * in CD
BOH: subscription information.

Datext r s product is a package
of financial analysts' reports,
stock quotas, histories and
other financial information on
all publicly traded companies
in the USt according to sales
representative Martha Jbhnson.
For ah »iwm»i fun subscription
fee of $19,600 .a buyer Is sup-
plied with a GD BOM player
ahd monthly updates — on four
discs prettied hhder contract by
3M — of Ml the financial dm.
Demand increased "better
than we hoped, ” Says Johnson,
adding that cng t pft wq are
investment banks, other finan-
cial tostithttehs - hnxvgr-
sties,

NnftWtiMMk batttvte market

propeds are rosy, htf t rtvt fc,
Shoe are severe! -tedxnttSgfcs
closely related to CD ROM brut
ttiferifi g ilBBrttinc tofcSbmties.
Three hkjttfle <BS& taftb whfcfa
a user tth write dtice&d ertm
mn» tfiit cam b* write* onto,
eftsdl aid lifted SgSfiL Ekasabfe
mes are to research at Ph&Jft*.
3M aril efiewiferev A fe# 'com-
panies , In&icBflg Optimhh arid
OiftbtSfch ih Sfc-US; arS already
enf ppfff g optical tffsfc p&tytato

tog th rash re fa T«m-
hhtagyto the UK '

Executives fcfl&rieWed

stresses tsit were sc dauiioi
toarkMS for eat* type of disc.
CD ROM would constitute . k
cheap way to store and dto-
Semlnafe archival information,
« Sears catalogue, be litustvte
data bases, for Instance. By
contrast, writedoce teefanbldgy,
tetating more; might be used
by a company needing, to Send
periodic business updates to k
number off iwm'iiW ^Miwy
ahd cheaply.

Faced with such .Variety, how-
ever, buyers have bdgtiln Mo de-
mand a player teat will

be able to fceafl any tkf tBte/ttiffck.
They want Systems, toys 'Storey
re PA, fiiat “wWi tue flick of «
software switch. wbuM be able
to read all ttoee tyl*Ss of
media.*..

Cdifapflcktihlr . matters far-
ther. Philips -hn 3 Bohy last year
demonstrated a vfesfoit re a CD
ROM player M can be need
bn its BWh, SWtooot-hodk-cp to
a Computer. CtiQeft CDI, lor CD
interad3ve, the machine has . a

tie

hy a teM through 'a keyboard, or

’A - 3** ~

lOOCWBiumiTe hcmil

intended an a aateSn bring-
ing GD fo Nwm wM ii w ii w;
without A dhnp h ter, the cun-
ten: teckfosd. initially, IsS&s
Hilde of SM. "CDI slowed 'toe
market Jrhfle people sorted out
the differences betwe en CD
ROM and OR & win not affect
the btednebt longterm." he
states.

According to Oktaquert. US
hardware ^ S& Per
cent of the WUHd market— will
reach about 19^000 players this
year, but not ercced lm units
Wffl titter M W. The compart?

then W

video . r s to rttw mcoidnS. a
S.OOO novetiy in SetoteStas.
bate become -a near commodity
Rem; GD, «t those prices, could
become prevalent.

If that bappdhs, toe WittHial-
wats contd.be right: that "CD”
mime day be as tonriUar as
“TV*.

XT — £895

457/8 MHxs 30 MB.

AT-OS95

6/8/10 MHz; 10 MB.

EL <mx tint) tT6

81*965 5225 ;

AVAILABLE NOW!

^TYTTuS

■'■*'1.4- «-■ H|lll^>

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i y jr ■mw— ip n i‘||-|y

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1 I J ~ | » A I 'B U

WORTH

WA T CHING

■Pa ■

Edtrth-y-

Residential Property

Garden Court Gardens^
The Bishops Avenue
Hampstead London N2

London

H A0S1UD village, fiome oc act m unosapco, garaeas. earn
arttats rad Sudan, acton and boose base b whtiam. 5 bafcTOoms.fr
uhlans Besbttt a 15 mtadte reception rooms, a sfaae-oftfafettt
drive final crnrnd London yet revels hi fitted UttheaWsl a OpOcktiBAiktil
f BIM ft^ li B iB qf bbbI tm vjnWy

AdJoUag the Heath b etween Peante gh WB Mg iofbafla-ttaftjl

IttWpscead and HIgfigstt golf causes w b hioA. Hii pttBd acressorie s
is The Bishops Avrsne, protabty the and ftnrfctibBiSMriilb these booses
most cxduste add r ess In Uoudoo, represent 4 kmlqfle ■ o tpo U A hW W
where MO Bt sond fai gde wirpBifnf o f make k Abend teSBOnfea t fa feb
fiw^pw-famiy m mstadi haS >at ab* taost soogfat-

McrofttoueU5fe toehold.

After the Big Bang

> H 1 4 ’. 1 ' I . - ti 1 " ; . 1 1 1 , /'1 1 1 1 ' ' I • -

Qi October 27lhfl»Fr toll anatyso amrolutkai-Tbe Oty Renfodan.
la flic FT Snnqt twe n t y ^eriaEstwptenwgieumrine and comment
upooCTny aspect dTheCayRerobitiai: HovRcame rixnt, what tiie changes

■^n^ Hnrifi BW pmhaHw Aqwrffiit^gBtn crone.

The FIV udKa&mned and amhadtafive qjproadi will be reflected in

-V ' i % \ -i'* i »•: I Tr i \‘A ' ' 'In-J'lriiHVJ*,*'.

vriEread,ieepandrd5rtoJ^amandagam.

i h • > r i ■ *.i‘ + < -cj’.i.t 4 : « \\ ^ r » : • ■ iT-1 . ■ y.: , J,

Hot will still bo cfectiiekag after October 27th.

Thc p etsouyouttioi Mc c na ctiaMgdPQDinaacxi 01-2488000.

DULWICH QAT%) LONDON) SE21
EXCLUSIVE RESIDENTIAL ESTATE PURUCBBT NATTONWlbE
Adjacent to Sydenham Golf Count, super deluxe hew hods* in
dassical Georgian style. Detached double fronted residence sec in
private landscaped gardens. Exceptionally large reception room with
fireplace and french windows leading, to garden, formal dining room,
good size stady/fanrily room, magnificent Mtchbi equipped With
all machines ate breakfast atrium. 4 double bedrooms, 3 fctyfe bath-
rooms ail with showers. 5th bedroom/staff room with shower frabnb
Gas central heating, electronically controlled entrance gates and. TV
security. Available for company or embassy let . for I year + either
furinshed or unfurnished. £H0 per week. _ • ...

MAJENDIE A CO 01-225 0433 (fox: 01-225 Rtt) .

GEO JOSUN
Oabon News SW1

Smart specious Belgravia house
with omnom. 1 <foubl« bedroom
with bathroom en-awWs, guest bed.
room Hud be thrown eo-eulte,
Aroeriesn k itc he n , .doa b le . 'roeept.
AvtSlWe untfl January 87. C4B0 pw

'-"two-.wa mow,*,
ombi ma

HENRY & JAMES

CONTACT US NOW ON
•1-235 Ml

For the best selection of Furnished
Fists end Houses to Rent In
Kptgfctsbridgjh Bshjravfs

For Sale

AHi eiW au j lMdrooM

set on Mb fib* * ppb. Newly
nftiitt bhed to a hfsb etenderd.
Carts wtmtm HBnieneesid. L
hall, races, rm, Utah. 2 dbte.
fiehb 1 nle bed, beta, d oeb m .
1425 pw. Lift and porter.

P I 1 " v ~ r.77-

01-629 6604

KENWOOD

RENTALS

Company No. 1507365
ftSOtaWMd fti England

_ . in the Matter of
T iff COMPANIES ACT, 1988

AND IN THE MATTER OF
. ADE STQB 8ALE8

• N066TO R iMa tinman

NOTICE 18.. HEREBY GIV6NI purrosm
Compenies Act.
T» th at s -mde offg of the Creditors
oompsny wiH be

J*™: “• Row* London

WC1B 40H. on and October. 1986 at

Si 1 ! Lit. Si 5* mamfoned

h^Sbcti^ 569 * V)K| of the Compantea

fctad diit IMh day el September.

8y tedar of «e Board,

G. WATSON.

Dftawbf.

.Company No. 1708088
Regl s tBfad in England
.IN. THE MATTS! OF
TNt COMPANIES ACT. 1986
AND TN THE MATTBI OP
AUTO say ADHESIVES
AUTO SHF ADHESIVES UMTE0

NOTICE fS HEREBY GIVEN pursuant
to aeodon 888 o» tb« -Companies Aat,
18BT EMft a fiiMHiifl cif 'die Creditors
of the .above-named, oompsny will be
held - tt Th* York. Room, Bontiington
NbM. 82 Southampton RoUL London
WC1B 46 H* on bd October. 1888 at
2* p.m. ToV «b pohTOeee Vnbtitfonba
ill 'Sbetnm-888 M veq * thb CotntelaM'

An 1885.

^Dsi ad this 15th day of September,

By Order of the Board,

G. WATSON.

Director.

Motors

Company Notice

toatn M CHZUM

% 'ot 8NSSP MOT “
wnrH i * , % i ?^£^arrai«i

HOTts

SEo^TftkJR.tDeMmoN

'Si****

*

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.1

28

Financial Times Wednesday September 24 1986

UK COMPANY NEWS

LASMO falls and omits interim

MB BOB1N ADAM, chairman
of London & Scottish Marine
00 (LASMO), announced yes-
terday that the slump in oil
prices over the past year had
wiped slightly more than f 10m
off the group's net profits at the
six months stage.

And in the light of continu-
ing unstable erode ofl prices
and difficulty in predicting the
full year outcome, the directors
have decided to pass payment
of the interim dividend— 4J5p
was paid previously.

During the first six months of
1986 the price of LASMO's
North Sea crude oil averaged
£11.12 per barrel. In the cor-
responding months of 1985 it
averaged £22.62.

As a result, turnover from
production fell by 48 per cent,
from £167 Am to £87 Am — the
group is one of the UK’s larger
independent oil companies.

The cost of sales was only
slightly reduced and as a con-
sequence, profits at the pre-tax
level fell by £&L6m to £10Am.

A reduction in the tax
charge from £58Am to £3 Am
left net profits at £6.5m, com-
pared with a previous £ 16.7m.

City analysts were expecting
a sharp decline and were look-
ing for profits in the region of
£13m after LASMO’s shares

Mr HoMn Aden, the

rfi^fnnn of ¥.A«nm

closed at llQp, a fall of 7p on
the day.

Hr Adam said: "In my
opinion, me volatility in crude
oil prices is liable to prevail
for some time. While this makes
investment decisions more
difficult, we continue to build
for the future from an excellent
base of land, production and
reserves."

The directors’ recommenda-
tion on the final dividend will
be made when the annual re-
sults are known. The 19% year
saw net profits rise from £31 Am
to £87 .7m and the total dividend
maintained at 125p net

The first half results included
a post tax £3.7m share of profits
from the 29 A per cent stake in
Enterprise Oil. which was
acquired from RTZ In January
in exchange for LASMO shares.

With the price of crude con-
tinuing to fluctuate wildly and
having assessed the group’s net
realisable value of recoverable
reserves, the directors decided
that no permanent impairment
of the net book amount of ofl
and gas assets could he identi-
fied at this time.

They said LASMO’s financial
position remained strong. Net
debt at June 30 amounted to
£105m compar e d with £lQ8m at
December 31 1985 and the debt/
equity ratio was 0.3:1.

Cashflow from operations
after tax for the half year was
£42m which matched capital
expenditure. In August, the
group disposed of Its Nether-
lands offshore Interests for
£22m (£15m).

The directors said that in
anticipation of falling prices
they implemented substantial
cuts in worldwide capital expen-

diture together with staff reduc-
tions.

They added that in spite of
this, an increase in net ofl and
gas production to record levels
was achieved.

Daring the first Sin months of
1986 average production was
47,400 (44800) barrels of oil
equivalent per day, and several
significant new field discoveries
were made.

Successful appraisal wells in-
creased LASMO’s net proven
reserves by 10 per cent to 121m
barrels of oil equivalent

Xp the six months the group
participated in 91 wells which
resulted in 53 oil wells and five
gas wells. The drilling success
ratio for exploration wells re-
mained high at 36 per cent.

In April, LASMO successfully
launched a £50m Eurosterling
loan, repayable in 1992. The
directors said yesterday that the
issue, omanaged by a strong
group of international hanks,
demonstrated the market's con-
fidence In LASMO at a time of
grea t d ifficulty in the oil
industry.

The funds were being used to
repay short-term debt and
lengthen the term of
borrowings.

See Lex

Good growth
for Murray
Ventures

Over the 12 months ended
July 31 198$ Murray Ventures,
the Glasgow investment com-
pany which seeks capital and
income growth by specialising
in unlisted securities, lifted its
net asset value from 364 Ap to
539 Ap per share, of by 48 per
cent

Five of the companies in
which Murray was invested ob-
tained listings, and a further
three unlisted holdings were
realised. Together these yielded
the company a 95A per Cent
profit.

The company's earnings for
the year moved ahead from
6.1p to 8.78p per share. Share-
holders benefit with a final
dividend of 6p which lifts their
total from 5-5p to 8£p. They
will also get a 1-for-l scrip and
can expect a payment of at
least 5p for the current year on
the higher capital, the directors
forecast.

Total revenue in the year
came to £2 .09m (£L55m), with
franked accounting for £l£8m
(£581,000) and unfranked
£833,000 (£879,000).

Clyde Petroleum falls Into red
and warns of asset write-down

BY MAX W8JUNSON

Clyde Petroleum, the inde-
pendent ofl exploration com-
pany, yesterday announced a
pre-tax loss of £lAm for the
first half of 1986, compared
With a £2_6m profit last time.

And Mr Colin Phipps, chair-
man, warned shareholders that
he may have to write down the
value of their assets by £23m

if it appeared ^ the end of

the year that ml prices were
likely to remain at about 815
per barrel in the medium term.

The shares closed 8p lower
at 87P.

The size of the provision
would depend on whether there
had been any significant change
In the exchange rate or other
factors affecting the carrying
value of tiie company’s assets.

A £25m write down would
represent a little more than a
quarter of the estimated value
of shareholders’ funds at the
end of June. However, Phipps
said that ttfae adjustment would
still leave funds significantly

larger then present Tmtikff
capitalisation of the company.

As In previous years, the
company is not proposing to pay
an interim.

Turnover was £8.442m close
to the £8 Am of last year, despite
the collapse in the ofl price.
This reflected a near doubting
of production to an average of
9 JLnr barrels per day during the
period, largely a a a result of the
acquisition of 0.7S pear cent of
the Forties field from Texaco,
increased output from the
Buchan field, ami A Sharp rise
In output from Its interest in
Ecuador.

The average price realised by
Clyde in the UK for the first
half of the year was 31250 or
£8,33.

There was an operating loss
of £L06m (£255m profit) with
a loss of £2. 43m (£828,000 profit)
in the UK being offset by profit
of £1.49m (£L!u) from

Ecuador. After tax of £523,000
(£138j00Q) losses per share
came out at Lfip (earnings

2iSp).

In spite of the sharp swing
into loss. Hr Phipps believed
the longer term outlook tor the
company was good. The majority
of the company’s proven
reserves at 2930s barrels (with
possible and probable reserves
about the same again) would
not be produced until after
1989, when there Waa a good
prospect of a recovery in the
oil price.

until then the comp an y would
be able to survive as a result of
retrenchment measures and con-
tinuing positive cash flow. As
long a a ail prices remained

above *10 per barm Clyde

would be able to cover over-
heads and interest payments,
although at $10 per barrel it
would not be tOfle to afford the
exploration it would like,
on tiie assumption of a some-
what higher oil price the com-
pany's s tra tegy was to continue
to explore and to ecquire ofl
reserves Where possible.

See Leg

natter ttatcmd enflr.

GRANADA GROUP PLC

£250,000,000

Multiple Option Facility

Inco r porating a

£125,000,000 Committed Facility

Arranger

S. G. Warburg A Co. Ltd.

Lead Manager

Barclays Bank PLC

Managers

Algemene Bank Nederland N.V.

IrmAnbF

The Bazik of New York
Canadian Imperial Bazik of Commerce
Commerzban k Aktie ngesellschaft

Deutsche Ban k Aktie ngesellschaft
The Industrial Bank of Japan, Limited
The Royal Bank of Scotland pic
Toronto Dominion Bank

Natiozial Westminster Bank PLC

BankAztieziea Capital Markets Group
Banque Paribas (London)

CIC -tfoion Europ^et ^ .Iritemational et Cie

Credit Lyonnais, London Branch
The Fuji Bank, Limited
Midland Bank pic
The Sanwa Bank, Limited
TSB England & Wales pic

Participants

The Bank of Scotland

Banque Nationals de Paris

Lo n do n B i u s h

Credit© KaJiano

laodoD Saudi

Manufacturers Hanover Trust Company
The Sumitomo Bank, Limited

Credit Commercial de France

Lm toHua th

KansaUis Banking Group
The MitsubishiBank, Limited
TheTdraiBank, Limited

Agent

S. G. Warburg & Co. Ltd.

September, 198$

Imps in
£ 118 m deal
to bay oat

loan stock

By Charles Bstdftcfor

Imperial Group, the
tobacco, food* and drinks
company which was taken
ever by Henson Trust last
April, plans to buy oof the
holders of four Of its dosses
of 1mm stock at a sfseafate
premium In a dost worth a
total of £U&4xa.

Hanson needs the a p pro va l
of the loa n node te dd ers for
a plan to transfer ownership
of the Imperial foods and
tobacco business to another
Hanson group company fol-
lowing last week’s agreement
to sell the Courage drinks
business to Elders EEL of
Australia.

Its

Imperial will repay at par
s i per cent 1985m 64

per cent 260489 and 7.5 ner
cent 200449 loan stocks. The
165 per cent will be

repaid at £108.

These stocks had recently
been trading at considerably
lower levels. The 6.9 per cent
stock was earlier this month
quoted at £73). flic 75 per
cent at £76* and the 105 per
cent at £104}.

. The repayment price was
derided up on after discus-
sions wffh Hanson's advisors
and seme of the larger Insti-
tutional owners of the loan
stocks. The 8 per cent stock
wm be repaid on October 10,
while the proposed repay-
ment of tiie other stocks
requires the approval of
steekholdres at meetings to
be held on October 17. Repay-
ment would take place on
October 3L

• In a separate development,
Hanson has agreed to sell its
Hammary Furniture business
to the La-Z-Bey Chair Com-
pany for about flLdm cash.

Hmraaiy was f or m erly
part of us Industries, which
was acquired by Hanson. It
makes occasional tables, wall
unit* and upholstered fnmi-
incurred re operating loss at
$200,600 on sales of $23 sl It
had net asset value of
tUUnL

Pearson sells
suburban

newspapers

By ftnfd Gcodbart

Westminster
vfnefal newspaper
of MiwR,is continuing Us
disposal potter wffh the sale,
of Middlesex. County Press
(Uxbridge) ditidn for SUm

Subject to contract It will
be acquired by two newspaper
entrepreneurs, Mr David Platt
and Mr Gareth Ctark* with the
support of County Develop-
ment Capital and 31 (Iftves-
ton ill Industry).

Middlesex county Press
publishes four paid tor weekly
papers and five free papers

circulating fh

BtfridngbanMfaire and west
London- In the year to Decem-
ber 1983 turnover was £L3m
and operating profit £500500.
Asset value is about £3m but
the main freehold properties
hare been excluded from the
sale-

Westm i nster Press said that
the sale represents an
Impo rta nt stage in its policy
of re-grouping to concentrate
on daily newspaper and non-
suburban weekly newspaper
centres* in befit Cases
smarted by free newspapers.

The new owners, who helped
to rttn Morgan
tires before it was taken over
by need inte rn ational, made
flte initial approach to west*
mhteter Press. They have said
they intend to continue the
dev elopment Of the badness.

Carlton Comm,
directors

sen shares

Two directors of Carl tod
Communications, Hr Nlgd
Wry and Hr DaVld Greets
both announced the at
500,000 shares Id the com-
pany yesterday— realising for
««i* of the tAAtu.

Carlton Mid that the sale,
at 884p per share, was inode
With the company’s blessing
and had been easily placed
with several institutions. The
two men have agreed not to
sell any more Shares for two
years.

Following toe sate— 4#
about three per cent of Cart-
ton's equity — Hr David
Green, a brother of Hr
Michael Green, the chairman,
wil continue tdown over 3m
shares and Hr Wray, who ac-
quired Us shares when he
sold -Ids Fleet Street News-
letter to Carlton, will continue
to own ever Im shares.

Carlton closed last night un-
changed mi 910p.

Hibernian profit

Hibe rnian Group, Irish
controlled non-life company,
returned pre-tax profits of
I2763.000 (loss I£4.05m) In
first half or 198& Under-
writing Mss reduced from
£13- 19m fO £&9m. Kawiiwy
per share OJMp (loss 549p).
No interim, as Indicated in
listing particulars for foil
quote on Irish Stock
Exchange.

Steetley ahead 17% and

good trading continues

' * &

WITH PRE-TAX profits show-
ing an increase of 16A pdr cent
growth bxs cootinned at Steetley
in toe first half of 1986. Good
trading levels continued into the
third quarter and tile directors
are Making for a satisfactory
nsofft urer toe ftfll year.

For toe s to months group
turnover rose from £19&3m to
£200,39*0, at by just l per cent,
but the profit before interest
advanced by 13.9 per cent, from
£18.14m-to £20 AZhl

A cut in Interest charges
meant tire pre-tax profit was up
from £16m to £lSAm. Exchange
rate movements held back the
starting Increase In the US.

Hr David Donne, chairman,
said the mate objectives in
recent years, those of improved
competitiveness coupled with a
program me of investment in
new products, had combined to
produce another set of excellent
figures.

Profit before Interest w the
UK came to £15 Aim (flSfiOml.
He said constru c tion materials
produced Improved results
despite the poor weather condi-
tions to tiie early months. The
new brick plant at Parkhonse

ms f u fi y contadstitifidd and
operating at its rated capacity.

Statute from toe refractories
ttetton recovered t o m ore
mutual levels after fire previous
drop when they were bit by the
effects at the miners* strike.
Results of other UK activities

were shnflar. to last year.

North ‘ America - predated a
prefit of £& 66 m (£ 8 Asah In

dollar terms toe advance ^was
25 per cent and stemmed from
better performances by both the
distribution and minerals busi-
nesses. .

Additional profits from recent
acquisitions contributed tomuefa
I m proved results from the
French construction materi als
business, and were reflected in
a substantial increase from
£508,000 to £l.57m In profits
from Western Europe.

In the Middle East profits fell
from £233,000 to £88100.

Interest charges for the
period were £lAm ■ (£2JJ5ra).
UK tax came to £5 Aim (£5Jm)
and overseas to £lAm (flAflm),
minorities agate took £81,000
and the preference di v i de nd
£&jO0O, which left the net pro fi t
at tri b u table to ordinary tedders

at £U Aim (£&54m). Earnings

were ISASp (15A5p) per share
and me interim di

dividend is

lifted to 5Ap (5p)net.

In the fufl 1985 year toe
group lifted its pre-tax profit
from £32.7m to £»0A4m and its
dividend total from 12p to isp.

comment

DIVIDENDS ANNOUNCED

Debtor* ML

Frikes Group .--..Jut.
Invergorden JUsL int,
Johnson * Jorgsn^tat.

LASMO -tot.

MaranafrOfcnllyet tot.

Murray V e ntur es

Octopus Publishing int,

Raglan Prop.

Scott & Ro berts o n fart.
Slaton .............. .tot.

Spectra Ants? -tot

Steetley ......... Jnt.

Date Carre- Total Total
Current of spending for last
p a y me nt payme n t ; dir. year year

05

0A5

15f

L85

nil

1

6

2.7

0.1

1

0.75

0J1

55

Oct 81
Nov 14
Oct 31
Oct 31

Oct 31
Nov 24
Dec 1
Nor 14

Oct 15

055

15

135

4J5

1

4

2J6

Oj09

03

0.75

053

5

85

0.1

1 A .
475
4J.

1 23
3A4
55
(L75
0.09
23
23
25
13

Some careful juggling is
ic q ntrgd to decide lost bow
commendable Steefiey's figures
are. On the one hand, the
results take to a £600,000
-boumw-back from the French
quarryin g operations and
steetley refraoteriee, and tiie
acquisition of foor more French
quarries probably added
another £300,000 to the pre-tax
figure. Yet toe negative effect
of c urren c y movements, which
cost around £500,000, add the
unsurprising £245,000 down-
turn In file Middle East contri-
bution still left plenty of ground
to be made up by organic
growth. If there is a problem
with the figures, it is the
question of where Steetley goes
from here, for although there
Is. enough impetus to the first-
fa rif advance to suggest that the
grou p will make the expected
£43m for the fufl year, it is
lard to see how the growth
rate Is going to prove remark-
rifle much beyond then. The
share price Of 493p and prospec-
tive ji/« multiple of 11 gives
Steetley a rating at the low end
for te.sector, a level at which
it s eem s likely to pause pending
evidence that the strategy for
growth win prova as effective
as the strategy for recovery.

Dividends Shown In pe nc e per Share net except where otherwise
stated. * Equivalent after allowing for scrip issue, t On capital
Increased by rights and/or acquisition issues. tUSM stock.
9 Uhqaoted stock.

THE INTEREST cate for this
week's Issue at local authority
bonds is 10# per cent op f of
a percentage point from last
w eek ; and compares with 104*
per cent a year ago. The bonds
are issued at par and are
redeemable on September SO,
1987. A full list of Issues wdU
be published in tomorrow's
edition.

O

A YEAR

OF PROGRESS FOR
IRELAND’S NATIONAL
TRANSPORT
COMPANY

G. X Paul Cmlan, Chairman

It gives me great satisfaction to
report a further year of progress in toe
drive to invigorate and reorientate our

MQ t " j i ■dll i rft i n t irf ...

nauonai ixaiispon. conipaiiy.

In finan cial terms the overall
outturn for 1985 was a profit of
£6, 793m, domparod with a defiat df ~
£O.004m. in 1984. This profit
achievement was against a backdrop of
national inflation and recession. Every
section of C3E business has solid
progress to report.

Oar demonstrable achievements in
1985 derive from positive managem ent
applied to good business strategy. As a
result the Exchequer’s public service
obligation payments to CIE have been
reduced qtote substantially in real
term*.

Major capital expenditure projects,
totalling £40m. were undertaken in
1985 to- keep faith with our
commitment to upgrade the quality
and reliability of crar services.

At fhe end of 1985. our total .. .
borrowings on capital account stood at
£230m. I would, however, be hopeful
that otxr 1986 Capital programme of
£34m. can be financed without adding
to tins burden. However, the
resolution of tins funding problem is
one of the major management
challenges teeing CEE to-day.

CIE is meeting the challenge of
providing a quality service to the
nation. To this end the Board has
submitted a proposal to Government
to build diesel rail cars at our
engineering wdrfcs at tecMcore — as
an extension to our rail carriage
building programme. This will ensure
continued employment for a number
of years, and will cater for a growing
passen ge r demand on the Dublin outer
suburban and radial lines, where the
quality of present services leave much
to be desired. Given the resources I
remain confident that CIE will meet
toe require me n t s and expectations of
the Irish people.

Tta ebon is on rahaetfiooiffieCStrinniito Statement jit^ded id the 1965 Rqxnfand Accounts of CIE.

> ■

f osypip

>-».•. -W ■ T-

l

>n u i

* • . . r*>. :

BANRO INDUSTRIES pic

Interim Results - Unaudited

Results for the haff yuar to

Turnover
none DGTofs tbx

Eartfirige per share*
Dividend per share (net)*

•Caw

Is

confidence ttwt the fufl year's result w« be most satisfarfory "*»«««

Hw Board wffl«htfirtue to hwwrtigatert opportunities for. ew

sutaMe acqui si tion pos^aatos.

A RigMs teueof tera4or«iMeand an teterim dividend of 25p per share is beino
unteuMn dreum^nce^of 45p per share on the capital hwwdbytooMSSs

Edward Rene,

Bsr ndChi ° f

appBanM srri buMng industries.
Bnwntflb,VMnl,WBaMUandsWS87HP,

DM

rfo

f M i }

• ' 1 " ^ ' -i

i s --

♦'i b i

Financial Times Wednesday September 24 1986

UK COMPANY NEWS

>Hes

-■* V . r

• -l - — _»

j

*• ■ ' 5*^1
* ■*>*?

SP 1 *

Walter Lawrence expands! Nort “p]* 1 bba is surprise

n mmrkrtrnrl ww*. - _ .

and pays £23m for Poco

BY UOMBL BARBER

Walter Lawmen once best
known as a building contractor,
is dramatically expanding its
housebuilding activities with a
£22.7m acquisition which will
double the group’s share- capi-
tal.

Lawrence Is haying Pace Pro-
perties, a private Manchester
honseehulldmg company estab-
lished in 1963, in an. agreed deal
which will pat lawreacc among
the top 20 UK housebuilders.

Poco, though weQ-known in
the Manchester area, appeared
briefly on the national scene
last year when it bought Mil-
buzy, a troubled building and
property company, from 1 q Jim
Rapier’s St jPiran Group for £1.
The Department of Trade began
an investigation into the affairs
of Milbury last year.

Yesterday, Lawrence declared
interim pre-tax profits of
£468,000 on turnover of £63 .7m
for the six months to June 30
1986. The profits figure has been
depressed because Lawrence has
altered Its accounting policy.

J. E. England
takes on
anew look

7. E. England and Sons, a
produce supplier and con-
venience food merchant, yester-
day announced changes in its
board and shareholding struc-
ture and the dUfiofial of its
Hoflepscfc (Potatoes) subsidiary
in e management buyout.

Hr P. D. Kemptn is to become
managing director of the group
after acquiring a 29.9 per cent
stake in the equity -through the
purchase of certain holdings at
34$> a share, and a scrip issue
to holders of the 10 per cent
cumulative preference shares
and thdlr conversion to ordinary
shares.

Mr Kempin wiB spearhead an
expansion Into nonfood retail-
ing while Mr P. T. McHugh, the
present managing director, will
remain as nonexecutive^ chair-
man.

The sale of Mosapark win be
for £27,000.

Interest attributable to hous-
ing development as incurred Is
no longer being capitalised. The
group is now moving to the
more conservative policy of
writing it off. The tax charge
of the enlarged group is expec-
ted to account for around 20
per cent of pretax profits.

The Poco purchase is being
paid for via a 'vendor placing
of £26.Ym new shares at 85p a
share. The arrangement follows
the recent City : example of
allowing existing shareholders
to apply tor all the new shares,
the soeaUsd 100 per cent claw-
back.

The placing, arranged by
Morgan Grenfell and Hoare
Govett, will be on the basis of
33 new ordinary shares tor
every 29 ordinary held, and 40
new ordinary shares for every
40 preference shares held.
Lawrence shares dosed 9p down
at lOOp. _

- Poco made pretax profits of
£2Jm tor the year to April
1986. For the year ending De-

cember 1986, it la forecasting
not less than £3. 6m. Lawrence
is forecasting not less than
£3 .3m pre-tax profits, compared
with a figure of £2, 8m. re-stated
after adjusting for the change
in accounting policy. It intends
to recommend a final dividend
of Sp, a 13 per cent rise on
1985.

At August 81 1986, Poco bad
a l»nd hank comprising more
than 2,100 plots located on 53
sites, varying in size from two
to 206 plots. Though the com-
pany is strong in Manchester, it
also has land In the South of

Tfrigiand, complementing

Lawrence's strength. It employs
200 people.

Three director shareholders
of Poco, Mr John Hindi e, Mr
Roy Dixon and Mr Paul Turner
are to resign, though they have
bought some investment proper-
ties held by Poco at approxi-
mately book value. These
properties include assets owned
by MUbury.

Blacks’ position ‘critical’

BY CHARLES BATCHELOR

Blades Leisure Group, the

i-amptng and leiSUTC

which faces receivership unless
a £3.3m agreed takeover bid
from Sears is successful, yes-
terday appealed to its 4,800
shareholders to- accept the
i offer.

Mr Mervyn Frankel.Black’s
rfiairmmi. took the unusual
step. In an agreed bid, in a
letter stamped: “Urgent action
, required. Accept today.” He
warned: "Your company's posi-
tion Is critical. Every accept-
ance, however small, la
essential.”

If the company went into
rerivexship there would almost
certainly be no return of funds
to shareholders and the jobs of
several hundred employees
would he at risk, he added.

- Mr Frankel gave shareholders
telephone numbers they could
call to hear f a recorded message
in which he repeated the appeal.

Mr Andrew Herd, a director
of Axbuthnot Latham Bank,

.Blacks’ advisers, said the com-
pany had carded out a tele-
phone campaign to urge share-
holders to accept but many
appeared to be awaiting a
higher offer.

Mr Herd said he had dis-
cussed Black’s flwwwi»T position
with Mr Phil Edmonds, the
Middlesex and England cricketer
who was reported to be con-
sidering a counter offer but
nothing had been heard from
Mr Edmonds since.

Unless Sears can win accept-
ances from 90 per cent of
Blacks* shareholders it would
be unable to compulsorily buy
in the outstanding shares and
could not obtain all the benefits
of the takeovers.

Sears wants to merge its
186 Mill efts Leisure Shops with
Blacks 46 outlets. Its offer,
which won acceptances from the
holders of 44 per cent of Blacks
shares by the -first dosing date,
will close on October 1 unless it
has been declared uncondi-
tional.

BABDSEY GROUP has sold
Taylor Pallister to Glynwed
Engineering for £245,000 (sub-
ject to stock valuation), of
which £200800 has been
received. - Taylor PalHeter
makes - mooring and lifting
equipment for the marine.; and
offshore oil lndsutries. Glynwed
will combine tt with its existing
business of Ansell Jones,
manufacturers of specialised
lifting equipment.

MERGERS GLEAMED— The fol-
lowing proposed acquisitions
will not be referred to the
Monopolies and Mergers Com-
mission, said the Secretary of
State for Trade and Industry:
Woolwieh Equitable Building
Sodety. o£ Property Owners.
Society; Scottish ft
Breweries of Home
Brewery; and British Printing ft
Communication Corporation of
Philip Hill Investment Trust

BPB INDUSTRIES has reached
agreement in principle to
acquire, though its wholly-

September 1996

Electronic Rentals Group pic.
£50,000,000

Uncommitted Revolving Acceptance
Credit Facility witit Tender Panel

Arranged}#

Moi^anGrenfeR&C^Iimited

Tender had Banin

Aiwri trdauBottcrdap>?i.Y

Berliner Bank AG
London Branch

Canadian Imperial Bank of Commerce

International etCSe Comity limited

Credit Suisse

expected to
get the
green light

By David Goodhart

THE SECRETARY of State
for Trade and Industry Is
today expected to publish the
Meaopoliec; and Mergers*
report on Norton Opax's con-
tested bid for tiie larger
printing group, McCorquo-
dale.

The dominant view in the
market Is that the report will
allow the Md to go ahead and
the Secretary of Stale will
support its decision.

However, tt is by no means
certain that even if cleared
Norton Opax will renew its

bid. Mr Richard HanweU,
the Norton chief executive,
said the company would look
at the respective share prices
and the state of the market
before making a decision.

The original £U0m Md was
launched on March 4 and was
unexpectedly referred on
April 22 on flu grounds of
market share in the
pers onal ised cheques

. 'Industry.

The two companies com-
bined would have a 45 per
cent share— with 15 per cent
from Norton Opax and 30 per
cent from McCorquodale.

Since the reference Norton
has reported more than
doubled pre-tax profits for the
year to March 31 1986 of
£5.1 7m on turnover of £72 Jdl
M cCorquodale also reported
pre-tax profits up 14 per cent
and the sale of its 25 per eent
stake in Dealers Digest for
£5m.

McCorquodale closed up
lOpat 245p

Laidlaw Thomson

LAWLAW THOMSON (archi-
tectural ironmongers): Pretax
profits rose from £365,000 to
£428,000 in the half year ended
June 30 1986, on turnover
ahead from £7.44m to £9J28m.
After taking account of the
share of the loss of the related
companies of £16,000 (£20,000),
and allowing for tax of £163.000
(£162800 — and minority
interest £12,000)— the attribut-
able profit came out at £249,000
(£171,000) — equal to 4A8p
(3.63p) per share.

buyer of Grosvenor

BY DAVID GOODHART

BBA Group, the fast-growing
friction materials and conveyor
belt company, yesterday
emerged as the surprise buyer
of Grosvenor Group the
troubled electronics and
engineering company.

The recommended offer,
which values Grosvenor at a
little more than £8m, consists
of two BBA shares for three
Grosvenor or 125p per share In
cash.

Grosvenor made a loss tor the
year ended June 30 1986 of
£59,000 and a loss attributable to
shareholders of £l.l”m, which
I Included the closure costs of
three small manufacturing
units. It has recently been the
subject of take-over rumours.

Dr John White, chairman of
BBA, said yesterday: “ We have
been watching them for some
time. They have had significant
problems but have also made
major strides in their ration-
alisation.”

He said that BBA’s greater
financial resources would en-
able Grosvenor to develop Its
three core businesses — FI of orm,

I an extruder of non-ferrous com*

I ponents for electronics. Lock,

which makes electronic metal
detector devices, and Eterna, a
lighting company.

Discussions are continuing
with a major multi-national over
the sale of Grosvenor*s Backer
Electric Company which should
allow BBA to recoup part of
the purchase price.

Full acceptance of the share
offer would mean BBA issuing
4.01m new shares, representing
2J. per cent of the expanded
share capital Acceptances of
the cash offer would cost
£7. 65m. BBA will also inherit
net borrowings of £6.7m (and
net assets of £4.4m), but fol-
lowing its recent £69m rights
issue gearing la unlikely to rise
much above 30 per cent.

“As part of a much larger
group and relieved of the con-
straints resulting from Gros-
venor’s high gearing the direc-
tors of Grosvenor believe the
companies should prosper,”
according to BBA. All directors
of Grosvenor have accepted the
offer tor their personal holdings
— totalling 0.29 per cent. BBA
dosed down 2p at 184p and
Grosvenor rose lOp to close at
130p.

New board plans to
expand ‘Times’ Veneer

“The limes 1 * Veneer, a
timber company, yesterday
announced a major boardroom
shake-up and plans for a policy
review and expansion following
the acquisition of a 29.9 per
cent stake by a group of new
investors.

Mr David Landau, a solicitor,
Mr Robert Newman, an accoun-
tant, Mr Peter Beswick, a stock-
broker, and their associates
announced in July that they
had acquired a 29 per cent stake
in “ The Times."

The company announced
yesterday that after discussions
with the new shareholders it
had been agreed that Mr Landau
would be invited to become
chairman, Mr Newman manag-
ing director, and Mr Michael
Johnson* a director. Mr Landau
and his colleagues would review
the future of the group.

The present chairman, Mr P.

Berman, and other Berman
family members on the board
would be resigning from It but
would continue as employees to
be responsible for the timber
interests of the group.

Mr D. Borne has also resigned
as a director and the position
of Mr C. M. Parr as a director
is under review.

The company yesterday re-
ported that it had made pre-tax
profits of £71,815 (£110,938) in
tiie first half of this year on
turnover of £3.42m (£3-42m).

PARKFDBLD GROUP'S recent
acquisitions were performing
well up to expectations, the
annual meeting was told. The
directors were optimistic about
the group's foundry operations
with the prospect of substantial
iron casting work for the
Channel Tunnel.

COMPANY NEWS IN BRIEF

FIVE TYCOONS AND

A CROOK.

WHICH IS WHICH?

Before you do business with anyone, get
the lowdown cm him and his company
from Hotline, the most efficient source of
business information there is.

Punching a few keys on your
desktop computer terminal gives you
instant access to this new service* backed
by British. Telecom.

Before your next meeting, contact
us on 01-836 9625.

hotline

PLUG INTO THE INFORMATION REVOLUTION —

TL&$4tOOO,000,000

owned subsidiary Gypsum depressed while many planned
Industries (Republic of state-funded projects wefe
Ireland), the insulation division delayed or deferred. After
of Moy Holdings (Republic of rationalisation company well
Ireland). BPB Industries is placed to take advantage of any
'being' advised by Ulster Invest 1 - upturn,
ment Bank, Dublin. t.

MATTHEW HALL has acquired •“
the capital of Noble Group for hand
a net consideration of £1.36m,

satisfied by the issue of 557,000

shares at £L32 per share and
£624,760 in cash. Net asset value
at December 31 1985, adjusted
where necessary to conform Hp
with tiie Matthew HaD basis of
accounting, amounted to
£780,000, and adjusted pre-tax
earnings tor 1985 were
£237,000.

VITA PACIFIC!, the 40 per cent
owned Australian associate of
British Vlt», Increased its turn-
over from AS3 6.44m to
Af38.46m and' its pre-tax profit
from X S-SBto to £4m In the year
ended June 30 1986. The direc-
tors remained confident of con-
tinued growth in revenue, and
in particular improved trading
conditions in New Zealand were
expected.

RIVERSIDE PRESS, of Whit-
stable, reported a significant
improvement from £380,000 to
£730,000 in pretax profits for
the six months to July 31 1986.

Hr Peter Brown, chairman, said
the outlook for the next six
months was encouraging. The
company’s turnover budgets of
£UL5m for the current fi nan cia l
year were likely to be exceeded,
and there was every sign the
improvement in the interim
results would be reflected at
the year-end.

RAINS INDUSTRIES com-
pleted the sale of Fax Umbrella
Frames to a private company,
Te&mpace, for £881,000 (includ-
ing the repayment of bank over-
draft and intra-group loans. In
the year ended June 30, 1986,
it was estimated that Fox made
a loss after tax of some
£89,000.

SPECTRA AUTOMOTIVE and
Engineering Products, USM
quoted maker of automotive and
industrial chemicals, lifted turn-
over to £3D8m in half year
ended July 31 1986 (£2.64m) but
higher interest charges of
£44,000 (£16.000) cut pre-tax
profit to £197,000 (£215.000).

Earnings were 2£3p (2-ip)-
Interim dividend 0-907p
(0.825p). Chairman said adverse
weather did little to stimulate
market activity, but expressed
confidence. A further 2 J5 acres
of adjacent land purchased tor
expansion.

depressed while many planned announces that on September 16
state-funded projects wefe the business assets of Spear &
delayed or deferred. After Jackson (USA) and Spear ft
rationalisation company well Jackson (Canada) were sold for
placed to take advantage of any a tntai consideration of some
upturn. - - USSSJSm to the Michig an Knife

Company of Rig Rapids,
JAMES NEILL. Sheffield^) ased Michigan. This gives a premium

United Kingdom

Floating Rate Notes Due 1996

In accordance with the provisions of tiie Notes, notice is
hereby given, that, for the three months period, 24th Sep-
tember, 1986 to 24th December, 1986 the Notes will bear
interest at the rate of 51* per cent, per annum. Coupon No.
1 will therefore be payable on 24th December, 1986, at the
rate of US$7,42535 from Notes of US$500,000 nominal and
US$148.51 from Notes of US$10,000 nominal.

S.G. Warburg & Co. Ltd.

Agent Bant

manufacturers, of 90.6m over asset value.

ThbadvBrtiseiTiHrtbpuWHhed by Baring Brothere6C0.Um«ad and MM. Rothsddd ftSons Limited onbehalf of

BCTRiafcLimftedCompany

The Direction of BET ftjbfc Limited Company are the person* respansfctefbrthe information contained In this advertisement,
to the best cdtheklox>vwtedgeandbefirf^wng^«ialreasonabbrare^eraDieA«^hBtte case) dwlnformation contained h

The Directed erf BET limited Compaxiy accept resporafcffityacaxxfingljt

to HAT Group Shareholders

The BET offer for your shares expires at
10.30am tomorrow Thursday.

IT WILL NOT BE EXTENDED*

1o be effective, your form of acceptance must be

with BETS Registrars,

Hill Samuel Registrars Limited, at 6 Greencoat Place,
London swipipl by that time.

Ifalue of BET Increased and
Final Share Offer:

142 P

HAT Share Price:

138p

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Financial Times Wednesday September 24 1988

OK COMPANY NEWS

Octopus advances 13%
despite sluggish market

Invergordon

Distillers

profits

BY ALKX RAWSTHORN

Octopus Pnb HuMifg , book
publisher, announced yesterday
that It bad succeeded is increas-
ing pre-tax profits by 13 per
cent to £7.Q8m in the first baif
of 1986 despite the sluggish
state of the book market and
adverse exchange rates.

Almost all UK book publishers
suffered from lacklustre demand,
in the opening months. The
downturn is genearlly attributed
to depressed sales of books last
Christmas and retailers’ subse-
quent overstocking problems.

“ The book trade as a whole
had a disappointing, but far
from depressing, start to the
year,” , said Mr Paul Hamlyn.
Octopus’s c hairman. M And
although our companies in
both main overseas markets,
Australia and US, improved In
local terms, we were affected
by adverse c ur rency move-
ments.”

Nonetheless in the period
turnover rose to £60.47m
(£5L28m) and operating profits
to £5 .84m. (£5£lm). Its share
in profits, of ass o c ia ted com-
panies — one-third of Pan-Books
and half of ConranOctopos — -
feU to £191,000 (£841,000)

because of the depressed paper-
back book market. But invest-
ment income -rose to £L05m
(£702,000).

The comparative figures have
been restated to take account
of the contribution from Heine-
Tnami, - the b ook' publishers
acquired from BTR, industrial

Yesterday Octopus announced
plana to close Hlawn am fs dis-
tribution centre in Kingswood,
Surrey next Hatch and to con-
centrate distribution at the
Hamlyn warehouse In Hushden,
Northamptonshire.

According' to Mr Hamlyn
there had been some Improve-
ment tn demand for books in
recent mouths and be was
“fairly optimistic” about the
prospects for hte crucial pre* j
Christmas period.

edge ahead

A RISE of 5 per cent in
pre-tax profits by teretgordon
Distillers (Holdings) in the
first half of 1988 was in line
with the board’s expectations.

Turnover improved by 24 per
cent from £UJSm to £15.8lm

comment

Mr Paul Hamlyn, ■»« ef
Octopus Publishing

holding company,’ last Idly.

Earnings per share rose to
8JJp (7.2p) and an' interim
dividend of 2.7p (2.16p) is
being paid.

Much of the first half was
spent in integrating Heinemann
and Hamlyn, the latter was
purchased from Reed Inter-
national dn ManA. Octopus has
cot costs within both companies,'
invested in the marketing of
Hcfinemann's educational books
and improved Haxrityn’s distri-
bution.

Sintrom down 18% despite
second quarter recovery

Sintrom saw pre-tax pro fi ts
fall by 18 per cent from £717,000
to £589,000 in file six months
to end-June 1986, despite
reporting a substantial improve-
ment in the second quarter.

Turnover ter this maker of
data storage and computer
peripheral equipment was
almost unchanged at £8m
against £7, 96m. yearning s came
oat lower at 4^2p (5p) per lOp
share; but the interim payment
is being maintained at 0.75p.

Sintrom Electronics experi-
enced lower demand in the first
part of the year, directors said.
Action was taken and the com-
pany was Showing an improve-
ment compared with the
previous year. Its service divi-
sion was set up as an independ-
ent company.

Following the downturn In

the oil industry. In which- Sin-
tram. Rent als had a major put
of its business, it was decided to
withdraw from the sector. An
extraordinary charge was made
to cover potential losses.

Following a cut in overheads,
recove r y at tiie Perex offshoot
was expected to continue. The .
Logic Replacement Technology
networks division saw 80 per
cent growth during the period
and directors kaid that it made
an pro fi t contribution.

Directors added that Sintrom
had maintained its strong cadi
base and that it intended to
adapt to growing business areas
by both internal growth and
acquisition.

The tax charge was £214^00
(£801.000) and there was an
extraordinary debit thin time of
£330,000.

The recent weakness of the
Octopus share price is more a
reflection of the original over-
indulgent rating than dJsrvtfe-
faettan with the company’s per-
formance. After all who could
quibble with a 13 per cent rise
in pre-tax profits when the book
market is in snch a sorry state
and adverse exchange rates
wipe £lm or so off overseas
earnings? Octopus* core activi-
ties have been relatively quiet
in the last nine months. Thus
far Octopus' efforts and energies
have been expended on cutting
costs at Heinemann and Hamlyn
End integrating the companies
within the group. It is only
next year that the company's
ideas ter polishing up the book
list and introdurim new sales
ploys wfll really be put into
practice. Meanwhile the cash
idle is mounting and Mr Paul
'Hamlyn is beginning to ogle
of educational publishing
in the UK and generalist pub-
lishing overseas where Octopus
ia under-represented. With
projected profits ter the full
year of £23 ,5m. the pro sp ec ti ve
p/e of 164> on yesterday's share
price of 480p Is starting to look
a little low.

cent from £12.8m to £15.8JUn
te give a taxable result of
ipfatf {2.61m.

Bantings per share came
out at £&97p (5-94p), and the
interim dividend to unchanged
at LSp. last year there ms a
trial dividend ef 4.75p ea pre-
tax profits ef £4J5m.

The company is * sub-
sidiary of Cariten Industries,
the flMmnt# ' holding com-
pany of which is Hawker
SMdeley Group.

This year’s figures Include
the re s ults of Charles
Maddnlay, which was
acquired from Scottish &
Newcastle Breweries in
November last year.

. .Directors said that produc-
tion at the grain distillery
was slightly above the
previous year, but lower
prices for fillings reduced Us
contrib u t io n. Hie demand ter
¥imt* oiwwg « continued to be
weak.

gni« » ef Mended whiskies
were again higher with both
Glayva and The Original
Machkinlay contributing to
the increase.

Trading profit came out at
JS2.71m (£22 2m), but interest
charges were mere titan
doubled from £214*080 to
£592,000. The tax charge was
£751400 (£852,000), and after
dividends absorbed £343,000
(£292400) the retained profit

ter the period was higher at
£L02m, against £866,000 last

time.

ALLIED visit BANK sai d
38.44m shares were taken up
in the sights issue, some 9L2 per
cent. Shares not taken up have
been placed in Dublin an£
London at 210p per share. .

PEERLESS was maintaining
Its first quarter performance,
Mr W. & Jordan, chairman,
told the annual meeting. In
the animal report the first
quarter profit was given at
£700,000 pre - ta x .

GronvOo A Co. Limited
» tmmt Umo L on do n BC3R— P

Telephone to-621 1212
Member of Fhnbra

Johnson & Jorgensen improves

Small improvements in sales
and profits have been achieved
by Johnson & Jorgensen Pack-
aging in the six months ended
June 30 1986. . .

This USM quoted manu-
facturer of plastic and glass
containers lifted sales by 43
per cent to £7JMm (£6. 75m) and
pretax profits by 5JL per cent
to £576,000 (£548,000).

On this, occasion, said Mr
John Jorgensen, chairman , the
cost of -the annual holiday
closure of the plastics factory
came in the first half rather

than in the second as in
previous years.

On prospects, he said some of
the buoyancy in the market was
not quite as apparent as at this
time last year, but he believed
the second half should provide
satisfactory results. For the
whole of 1985 turnover was
£13£8m and profit £L13m.

After tax £250,000. (£282,000)
and • minorities £20.000
(£18,000), earnings ter the half
year came to4.66p (4 j06p). The ■
interim dividend is lilted to
L35p net <L25p) at a cost of
£89.000 (£82,000).

r Company Ctan «*

Ait. Bdfc. Ind. Old... 1® —

AM. Blit. Ind. CULE... 131 —

Ainpning Group *“

Annltaga and RbodM... JEMd —

Bard on Hill — , — . in — •

Bray TfccbuologlM - —

CCL Ordinary «B —

CCt : ITtoC Conv. Pid. « —

Carboruqdum Old. — . 2*9 —

Oafboroaduai 7Apo H. O — -

Dabonta Sarvioas ...... 1# —

. ri adariek Parkar Group 33

Gaorpa Blair 11* —

lad. ProcMon Caatinga 7* + 1

lais Group — IBBxtf — ■

Jackson Group ....... 1Z3 —

Jams* BwntHMh 38B + 1

James Burro ugfc Bpa Pf. 87 —

John Howard [ Group _ to* —

MuMhOUM BV BBS +10

RacoAl (tldtiway Ord ... 377 —■

Racoid Rldflwey TOpcPf • . —

Robert Jen kin a 7B —

Scrotum "A" ...... 38 —

Torday & Carllsia 117 —

Tlanlan Holdings 322 . . — -

- Uaiiocfc'HoJdino. — ; «r . • — ■
tomr Alamndair 9Sxc + 1

W. S. Taataa 197 —

a — Suapandad

dlv.(p) % Actual taxed
7.3 5-5 8.1 7A

7.3 5-6 8.1 7A

ion 7n — —

7.8 72 BA 5.9

4.2 12n 43 *3

43

2j4

21.4

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43

5.3

9.6

8.8

23

33

63

9^

15.7

17.8

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9.1

3.7

12.0

123

W.7

11X

—

—

7.0

5.0

14.6

19.0

X8

33

2-9

43

3.0

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16 3

18.3

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73

17 JO

43

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13.3

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5.0

8.9

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45.1

58.7

—

8.7

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— ■

—

33

4.8

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43

73

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Comtech Finance pic

(Incorporated in England under The Companies Act 1985 No. 2004484)

uutc uiuixureu mail ouiCK 1390 \as TO JL9,V13,004 by Wfi]

bs) guaranteed by and convertible into Ordinary Shares oi

Combined Technologies Corporation pic

Guaranteed

Combined Technologies Corporation pic, incorporated in England under The
Companies Acts 1948 to 198(J No. 1568845, is the holding company of a group of
companies engaged in the distribution of motor vehicles and associated motor trade
activities and the development and marketing of new high technology products
principally in the information storage and retrieval industries. r

Details of the listmgparticulars relating to the issue areavailable in the Extel Statistical
Services. Copies of the listing particulars may be obtained during normal business
hours on any weekday (excluding Saturdays) up to and including 22 October 1986
from:

Comtech Finance pic
2 Victoria Street
Luton

Bedfordshire
LU1 5NJ

Hamh rofi Batik Iiarite d
41 Bishopsgate
London EC2P2AA

2AA

de Zoete Sc Bevan.
Ebbgate House
% Swan Lane
London EC4R STS

and also for two days following this notice at the Company Announcements Office
of The Stock Exchange.

24 September 1986.

i

%

Financial Times Wednesday September 24 1986

UK COMPANY NEWS

Kismg orders at Debtor

Dcbfor Holdings, the lingerie
manufacturers and importer
which came to ' the USIf' in
April, returned .pre-tax profits
of £838,000 -from .a turnover of
£4.6m for ’the first six months

Of 1988.,- .

No comparison is siren but
for the 1985 year as a whole
the Nottingham-based company,
the largest Independent bra
manufacturer: in the country
which - includes- XJttlewoods,
British. Home Stores, Asda and

at £0.3m

Allied Plant Group raised its
r *-* turnover by £2m to £7J94m and
% its profits before tax 'from
; ■ £189,613 to £305,433 in the six

. - j } months ended June 1986, '

, »./•> The results of Trevor
> o Crocker and Partners, acquired
earlier this year, will be In-
'*■ » • eluded on a merger accounting
*.■ basis in the full year accounts.

■ The directors said yesterday
’ ” “r V that the positive momentum of
v the group had been further
..... “ enhanced since the end of the
■ii rc x \ half year by the acquisition of
the assets of * Geoffrey £.
Ma'cpherson of Nottingham.

, This depot, which expanded

the geographical coverage of
.- the group's hiring activities, will
; r_j- be transformed into a Nissan
... dealership in common with the
remainder of forklift operations.
^.V; % First half earnings amounted

to l.lp (0.68p).

> SEDGWICK GROUP said a
s total of -47.39m new ordinary
. t and all the new “A*Vshares had
■: been taken up. representing.
^ approximately 96.64 per cent of
J, the rights issue. The balance was
^ sold in the market and net
proceeds will be distributed to
holders entitled thereto.

the Burton -Group. Among. .-its .
customers, made profits -of-
£l^8m on a turnover -of £&8Zm.

, As promised In the prospec-
tus. shareholders will receive
an Interim dividend of 0.6p net
from earnings of 7p per 100
share. , - - , ■

Mr David. Parker, tiie chair-
man, said yesterday that 'both
turnover and the forward order
book were running steadily at
a higher level than at the same
time last year. .

Furthermore, the major custo-

mers acquired during the past
18 months or so were making
increasing contributions to
turnover.

Mr Parker added that the
company had traded satisfac-
torily since the end of June
and . -that the directors looked
.forward with confidence to a
successful outcome for the year.

Interest charges for the first
half accounted for £51,000 and
tax for £285,000. Net profits
emerged at £553,000. Dividend
payment* will absorb £50,000.

Raglan Property up sharply

Raglan Property Trust, .- pro-
perty development company,
yesterday reported a . substantia :

increase from £72,734 to
£463,6ll in pretax profits- fur
tiie year to March 31' 1996L
Turnover climbed from £597,476
to £%32m.. Stated earnings per
lp share doubled to 0.32p, and
dividend is raised from 0.085p
to OJp net.

Mr David. Anderson, the
chairman, said gross income
f r o m investment properties had
increased - to £598*549 during
the -year, and rent . reviews.

achieved had been most satis-
factory, particularly in respect
of . the warehouse building at
Hatfield where the rent in-
creased from £182,852 to
£221,250. " The company con-
tinued to monitor the invest-
ment portfolio closely so as to
enhance its value whenever
possible.

The increasing level of the
.company's development activity,
together with the performance
of its Investment properties
encouraged Mr Anderson to
believe that it would have
another successful year.

BOARD MEETINGS

TODAY

Interim.: Albany Investment Truu.
Associated Book Publishers, BslUEe
Gifford TachnoJogy, Bank of Scotland,
Charts* Barker, Baeuford, BEETEC, Bio-
mechanics - International, Brant Chsmi-
cjLs-. International, Cekabiaad Robey,
Costa Vtyalia. Edmond, Fjoiplng Univer-
sal Investment -Trust. HaWtel Whhing,
Jove Investment Trust'" Juliana’s.
McLaughlin and - Hirvay, William
Morris . Fine Arte, - Moss Bros, Tatar
Kedisiey and MiUboum, -James Wilkes;
Wold.

Finals: Barratt Doueopmenu, Harvey
and Thorn peon. Land Investors,. Logics.
Trsflord Paris Estates. -

- - FUTURE DATES
tsarinas;

Clifford's Dairies Oct. 7

Cusslns Property Sspt.30

Dancora - Sept. 30

Erlth • Oct. 2

PAG Pacific Investment Trust Sept. 25
Forward Technology Industries Oct. 20

Xalon Oct. 2

Ulleahall Oct. 2

Molina - Oot. S

Rover Sept. 25

Thuigar Bard ex TS.pt. 30

: Tliim Products Sept. 28

'Doweling And Mills Sept. 25

-Equity and Law International Sept. 20
Ffrmllng ton Managed Portfolio Sept. 30
Keinwoit Deveopment Fund ... Oct. 1

Maunders (John) 1 Oct- 8

Moray <R. H.) Sept 29

NESCO Investment* Sept. 28

Tfogmorton Secured G'wtfj Tat Sep t. 30
t Amended

Macallan
trebles its
first half
profits

INTERIM results at Hacal-
luhGlenUvet, distiller malt
wflnky reflected an excep-
tional volume increase In the
tax mo>‘Ss to June 30 1986,
but the directors said the
increase would not be can-
tinned ta tiie second half. In
Mb last annual report, the
that— said he was opti-
mistic that a significant
higher result would be
achieved in 1986.

Pretax profits climbed
from £292,000 to £610,900 on
turnover up from £g-i*»n to
£3JL9m. Trading profits were
ahead at £L08m compared
with- £811,000. Leasing
rentals amounted to £86,000
(£88,000), and depredation
was marginally higher at
£128400 against £123,000. The
pretax figure was after
interest charges down from
£398,000 to £252,000.

The interim dividend la
unchanged at lp net— -last
year's total was 3£4p from
pretax profits of £71&000
<£745,000). .

The directors said margins
on new whisky remained
under severe pressure,
although lower fuel costs and
economies of scale were help-
ful during the period.

Sales of simple malt whisky
continued to show a satis-
factory advance in an increas-
ingly competitive envir o n -
m e»f, Further investment
in international w«u«*eHwg of
the brand should be expected.

They added that results for
file half-year were not indica-
tive of those for the foil
full year. However, those
were expected to show real
progr ess .

Deufsche-Mark

Euro & Domestic Bonds

Subject to

control number procedure

have been eligible since September 8th

cedel

FINANCIAL TIMES SURVEY

cm

ARAB BANKING &

C^CTOBER 23, 1986

■ This annual and sought-after Survey on Arab Banks is
potnMighpd in.' the Middl e Bast and elsewhere
This special Supplement also concentrates on
Investment and Finance

ADVERTISEMENT COPY DATE: OCTOBER 2, 1986
; For further information, contact: .

Lanr^

*». .v>~HWeffSfW Deportment — Midkfle East .-
. ^ . Financial TUnea, Bracken" House

• • 10 Gmhon Street, London EC4P 4BY

Itefc 01-248 8000 Ext 3515

the clearing system

meeting the needs of the international securities markets

founded by the market for the market

67, Bd. Grande-Duchesse Charlotte
1010 Luxembourg
P.O.Box 1006
Telephone : (352) 449 92 1
Telex.- 2791 lu

Representative Office
77, London Wall
London EC2N IBU
Telephone: (01) 5884142
Telex: 894 628

Now York

Representative Office

One World Trade Confer / Suite 8351

New York NY 10048

Telephone: (212) 775 1900

Telex: 324 172

THE ADELAIDE STEAMSHIP COMPANY LIMITED
1986 ANNUAL RESULTS TO 30th JUNE 1986

SUM

Munich School teacher to Abort BnatobvooodlQ^

SOMEOFUS
SEE THE FOTtfRE
MORE CLEARLY
THAN OTHERS.

Where the laying of future plans is
concerned, itfs been proven that
choosing a Life Assurance Compaq is
equally important as choosing a J
pensions contract You heed a company
experienced in planning ahfead; a
company that carefully considers all . :
the variables individual requirements ;;
create, and constantly comes tip with
the right quota

A result light years from the
uofortunate ‘Educated guessf shown :
here. ■ ; . ,

At Scottish Life^ weVe discovered
that the solution lies in the expertise

Soottfeh Life {$) Pensions

Quotes are better left to us.

The Scottish Life Assurance Company Principal Office I9st Andrew Skiuar&Ed^

and energy of our staf£ combined with
an extensive range of connects flexible
enough to solve any problem.

- Outstanding amongst these are
the phenomenal 'Ihlisman and the
unique Crest Plan Contracts. The
former provides a contract for the
individual whidi can be used whether
he isemployed or sdf-employed, and
can move with him as his status
changes, while the latter provides
money purchase or final salary benefits
for group schemes.

like all our contracts, they offer
versatility security and highly
competitive returns* .

. When yotfre faced with amass of
pension schemes to choose horn, talk
to the company with the time todiscuss
yourneeds, the space to offer you scope,
and the vision to give you the answer
Because; relatively speaking weVe got
our mind on what matters.

1985 (A $ m) 1986 (A $ m) Increase (%)

Profit before Tax
Tax

Profit after Tax
Less Minority Interests

Grotq> Operating Profit
Plus Equity share of Assoc’s

Total Operating Profit
Extraordinary Items

Consolidated Operating Profit

24437

365.47

4936

55J0

2.49

128.10

32.98

132.07

52.71

10:74

95.12

11.66

80.46

41.97

18.22

83.46

33.75

98.86

60.19

28

117.21

6.04

94.73

60.47

12325

103.82

Dividend Hie annual dividend has been increased id 34 cents per

sharefrom 30 cents per share payable on capital increased by
the April one for four bonus issue; Final dividend of 18 cps
payable November 21. Register closes October 14.

Comment Director are confident of further
in 1986/87.

For farther information and copies of the Annual Report contact;

T C Coombs & Co, 5/7 Ireland Yard, London, EC4V 5EE Telephone 01-24S-2033

K

(

32

Large sums available

for carefully considered,

£

folly researched,

cogently presented

£

and well documented

bright ideas.

IF you’re really serious about venture capital, then
you’ll find we are too.

For the right kind of company of course.

A company that knows where it’s going.

A company that has identified real market potential
for its products or services. And with an experienced manage-
ment team already planning future growth.

If you need the funds to unleash that growth, then
talk to us.

We are the Cardiff Consortium. A unique syndicate,
comprising seven major British venture capital funds. Each one
contributes its own particular management skills. But all have
a proven track record of helping businesses to grow.

Based in Cardiff- though by no means tied to it- we
offer a single source of finance for projects requiring around
£500,000 or up to several millio ns.

You’ll find our way of doing business is swift, decisive,
and realistic.

But then you’ll be used to that. It’s probably the way
you operate too. ■ ■

£ —

Please send me more details of the Cardiff Consortium.

To: Norman Myerscough, The Cardiff Consortium,
Pearl House, Greyfriars Road, Cardiff CF1 3XX.
Telephone: 0222-378531.

Name :

Address.

i

| Business Tel No..

i

.Postcode.

THE

-X

CARDIFF

CONSORTIUM

1 CHAinTMIOUSEJWHErVQrrURE FUND -CTnOORP VENTURE CAPITAL RIND- DEVELOPMENT CAWIM. GROUP'
■ ENGLISH TRUST COMPANY • VENTURE DNK ■ WELSH DEVELOPMENT AGENCY * WELSH VENTURE CAPITAL FUND ■

UK COMPANIES

Folkes confident
after opening
with 11% rise

DESPITE A sluggish start, the
Folkes Group pushed up its
first half profit by nearly 11 per
cent, from. £700,000 to £775,000,

And rfmlrmaTi Mr Constantine
Folkes said he was confident
that further progress would be
made In the second half. For
the year 1085 the group pro*
duced £2. 15m.

The group is involved in
industrial property, services,
consumer products, and
engineering. Its turnover fell
from £314m to £29.8m.

Mr Folkes said the results
highlighted the progress being
made as a result of the
restructuring of the group fay
disposals of activities which
were unprofitable or outside
the mainstream business, and
that policy would continue.

At the same time i n v e stment
was being made in activities
where profitable potential was
seen. The group had recently
established a joint venture in
Hong Kong with a local com*

pany to exploit that growth
market

The «»bpiraiaT| said
trading conditions had 'shown
little sign of significant im-
provement; while increased con
sumer spending had benefited
some companies, manufacturing
in the UK remained fairly
static.

The oil price reduction had
brought advantages In energy
cost savings but the benefits of
cheaper oil would be slow in
coming because there was an
Immediate adverse effect on In-
vestment by companies Involved
in maintenance and exploration
of oilfields which was being felt
by some subsidiaries.

Net profit for the half year
came to £712,000 (£685.000) for
earnings of L64p (L48n) per
Share. The interim dividend is
held at 045p net and the chair-
man said he was bopeftxl of
M Dosxtive review '* for the final
when the results were known.
Last year it was l45p.

Better conditions
Scott & Robot

i;i:i Cl

IN A more favourable trading
period, the Scott & Robertson
group serving the packaging
industry lifted its turnover by
10 per cent and doubled its pre-
tax profit in the first half of
1986.

Turnover moved up from
£9 4m to £10.82m and profit
from £402,000 to £825.000. In
the 1985 period the profit was
affected by £ factory move and
relocation and certain operating
factors outside tbe company’s
control. By the end of that year
the profit had recovered to
£1.1 lm f£L42m).

The directors said yesterday
that this year’s second half
results would not reflect a com-
parable increase, but they were

K . 1 , 1

confident that the outcome for
1986 should beat the previous
year by a significant margin.

In the 1986 half year the
group— one of the biggest UK
based producers of polythene
products— lifted its operating
profit from £479.000 to fi46m.
But the provision for employees
share scheme ip respect of
annual profit took £100,000
(£33,000) and net interest paid
was up to £137,000 (£44,000).

Tax took £303,000 (£160,000)
and minorities £3,000 (£7.000)
to leave foe net- profit at
£519.000 (£235,000). Earnings
worked through at 7-21-1 (3-27p)
and the interim dividend is Ip
(04p).

Antler tops
£500,000 at
six months

Antler, foe luggage and
travel goods company which
made its USM debut earlier
this year, raised its pre-tax
profits by £49400 to £520.000
in. foe first six months of 1986.

There is no interim divi-
dend but, in line with foe
prospectus forecast, a final of
2p net wiH be recommended.
First half warnings amounted
to &4p (4.6p).

Yesterday, Mr fames Hiller,
the chairman, said: "As is
generally known, foe growth
experienced in manufacturing
industry during foe first quar-
ter of 1986 levelled off in foe
Spring, bat there are now
signs of growth resuming.”

For foe year as a whole foe
directors expect a satisfactory
outcome.

Antler came to market in
April via a share sale by its
parent, Harris St Sheldon, a
private holding company.
H & S retained a stake of Just
over 40 per cent.

Antler’s customers include
Marks and Speneer, House of
Fraser ( including Hamds).
John Lewis, Argos and
Selfridges. •

Space Planning
advances 54%
to £0.44m

Space Planning Services
saw mnitin profits Improve
by 54 per cent In the year to
the end of June 1986. The
office design consultancy,
which was places on the USM
in June, reported figures up
from £286400 to £441400.

The result was achieved on
turnover of £241m <£1.48m),
a rise of 35 per cent. The
directors say that costs were
maintained in a period of sub-
stantial growth and despite
taking additional premises in
central London.

Earn tugs per lOp share
came out at &95p <8 v9p). As
stated at foe time of the plac-
ing there will be no dividend
for the year.

Directors added that
although organic growth was
continuing tbe c om pany was
also seeking to make aequiri-
tions to widen foe range of
skills that could be offered.

Operating profit was
£469400 (£322,000) and the
pre-tax figure was stated after
net Interest payable of £29466
(£35400). The tax charge was
£179400 (£127400).

COMPANY NEWS IN BRIEF

AMERICAN ELECTRONIC
Components, USM-quoted maker
of switch and relay mec ha nism s ,
reported pre-tax profits of
£244m on turnover of £10 43m
for the year to foe end of June
1986. In foe six months to
June 30 1985 pre-tax profits
were £715,000 on £2.04m turn-
over. Earnings per share were
stated at 247p (144p). A
second interim of 0425p, in lieu
of a final, has already been paid

f

HAZIRA Bl JAIPUR JAGDISHPUR (HBJ>

Contract signed between

GAZ AUTHORITY OF INDIA Ltd

and

SPIE CAPAG (FRANCE)

NIPPON KOKAN and TOYO ENGINEERING Co (JAPAN)

for die budding of a 1,700 fan gas pipeline

PERFORMANCE GUARANTEE
USD 57 475 157

(countervalue of FRF 205 260 000, INR 264 983 000,
JFY2 658 200 000 and USD 7200 000)

issuedby

i

BANQUE INDOSUEZ

DOWN PAYMENT GUARANTEE
USD 86 212 736

(countervalue of FRF 257 890 000, 2NR 397489 500 .
JPY3 987 250 000 and USD 20 830 000)

issuedby

o

State Bank of India

(Paris branch)

Arranged by BANQUE INDOSUEZ

making a total for foe year of
0475p.

HILLARDS had continued its
encouraging start, with sales
some 14 per cent higher. The
board remained confident of
further increases in sales and
profits for the year to April

1987, the annual meeting was
told. Tbe new large store at
Clo58op, Derbyshire, would open
In November.

BLUEBIRD TOTS raised turn-
over to £3.47m (£2-2m) and pre-
tax profits to £119,000 (£88400)
in the six months to June 30

1988. Orders to date are ahead
of last year's total sales. First
half earnings amounted to 148p
(044p). The company’s lOp
shares are traded on foe USM.

HTAGHUB JUTE Factory
reported net losses for foe year
to June 30 1986 substantially
increased from £4.79m to
£UL54m on turnover higher at
£45J36m against £30J4m. The
loss per £1 share came out at
88.1p (337J.5p). The directors
have derided not to make any
depreciation allowance because
they considered the assets were
worth more than their book
valhes.

ANGLO-EASTERN Plantations
reported turnover £724400
(£303,000) and profit before tax
£28.000 (£30400) for half year
ended June 30 1986 — com-
parison included less foaw three
months trading of estates. It
would be some time before oil
palm crops had material effect
on revenues, so first half result
was substantially from rubber
and cocoa crops — and price
for rubber was relatively low.
Recent devaluation of Indone-
sian rupiah should have
immediate beneficial impact on
profitability.

A & P APPLEDORE has agreed,
to purchase Tower Maritime
Ship Repair Services and its
four subsidiaries from ~ foe
Tower Maritime Group

Financial Times Wednesday September 24 1985

THE FINANCIAL TIMES

IS PROPOSING TO PUBLISH A
SURVEY ON

URBAN RENEWAL

Publication date: OCTOBER 6th

toner cWm Iitt mwof

Mg'cltiae,

the otter main parrjM.

2 THE MECHANISMS

In tea 20 yttra tinea Government attention first bow to focus oa Inner city proBIMJ* »
hm bam amployod to bait tin drift away ol bote Job* and people indw rebuild a vteore
boon hi rundown areas. This aaction will took at aonre of tire mechanisms now ia inks.

of dovfc m
economic

I) Portn o i rtJ po. How woU hovettre partnerships between Gavernmwit
boon working. How JuolMad are local •utbatny

complainte of Ion ol

_ ud ttw Mg l u ttw ri lfdi

ratio, control ovor doctekma

Tho task form approach, fret adopted In
toes tending to a small team of Civil can
roes available to secure local voganeretton.

In Liverpool, boa bom extended to nattier efelrt
uiwkwi,^ job It le to not the financial aod
i« this approach wortuag?

servants w«oee

nod expenditure.

m Took fure e e .
cities. This involves
manpower resources

IB) UHRU. Tbe Urban Housing Renewal Unit was eat up a year ago to prevhtoadvtaeto local authorities

looking tor naval approaches to the problem of retisbmtating rundown estates. A progress report.

hr) UDQ. An adaptation of an Idea that baa proved vary successful In tire US. niton development Brents

have been uaod to fund a number of

of public pump priming was needed to

boon fully taken up. however. Whet _ — - - . _

Instrument — urban regeneration grants —Is now proposed. How wIB those work?

v) Development o or pofettona. The success of tire tomdon-Docfclanda and MfifMyfijd * D«*stopn*ent
Corporation* In transforming areas whan tire she and caret of dealing, wttt problem a of dereliction bad
proved too daunting tor extetfn

If major scheme* fa ettiau throughout tire country where ***P®JJ3
to encourage developers to go ahead. The money avalfabtohea never
at la preventing UDGs from being even more atjoceeanur a new

tag with problem a of dereilcoou
Co large seme of public money,
r cities. This article will took at

at tba

proved too daunting tor existing local euthorttiee without accee* to
encouraged tire Government to took at extending the Idea to other
record of the two existing corpora boas.

3 THE ROUE OF THE PRIVATE SECTOR

Britain's building groups and bunding raster la la auppftora have developed a number of scheme* of their
own for increasing private sector Involvement in Inner city areas. These taofade Phoenix, a partnership
between construction companies, brick makers and others, sod Probe, a joint schema Involving tire private
Group and the Nationwide Building -Soctoty. An assessment of the contribution these and idnuMr schemas
are making.

4 THE MAJOR CONURBATIONS

Many ol tire big conurbations have themselves come up with Initiatives aimed at securing revive! In their
cores. TIibso range ‘ ‘ * * * ~ “ * “

Glasgow Action, a

sector can taka on.

some of the following locations:

oss si matrons nave tnemsoives corns up wnn in manvma aimeo at uncaring rev ival m ™r
I« from Birmingham's proposal to' form • Joint Iocs! authority/ Drive to sector company to
s grouping of Iocs] business tnmnreti which Will try to Identify projects the Private
i. This section will -look at a range of interesting new approaches now befog tried to

I) Glasgow
n) Bhmtngbam

v) Bristol

vi] Loeda/Bredford

m

hr) South Wales Valleys
vQ HewcaaBa/Qateshaad

G THE POLITICAL BACKGROUND

Tha lead rote In co-ordinating policy for tire inner cities now seems ta have settled wWi the De par t m e n t
of Employment; though tire Input of ether department* — Environment, Trade and Industry, mod the Home
Office included — remains crucial. The emphasis under tba Department of Employ meat is moving may
from the Infrastructure to the individual. The aim la to ensure money spent In the Inner cities helps to
equip those living there for work rather than provide jobs tar outsiders. Tide article will assess the
chances of success of this new policy and In particular wfH oak whether Whitehall rivalries have finally
been buried.

6 POLICY ALTHtHATIVES
Wbat changes In fani
commit to aototag the

Wbat changes In Inner city policy would the Labour party Introduce end whet level of re so u r ces would It
' problems? Tha approach advocated by the Alliance parties.

7 ARCHITECTURE

Tha unfavourabla Impact made by many post war architectural Ideas In tire public housing field la now
universally recognised. Tba pendulum has swung away from Impooed solution* to a community approach
which accords a major aay to local mafdants In the design of row structures. The trend examined. New
Idean In inner pity architecture.

MMfi In formation;

Please address all enquiries or suggestion* Z3E£5med with editorial content of this survey la writing to
tha Survey's Editor.

Advertising la forma tion:

In f or ma tion on advertising can be obtained from WIMarn CtutterbudE utephons number Of -248 8000
extension 4)48 or your usual Financial Time* reprasantetim.

J of 7400452

Oatfinsry5Bnm»of lQpeeehmftonry n < wrf^p m ^fVpltel'lTitoj^»olwiwfoil»awlsr,tl M ./tf fiiMIiiit_ TbIf

adrm i scme>gttiteuedm atmplBnKr .sritotlKXBqtiire»oeoteoftiteODCBCflofThcSlockExfciig4SC.Itdocanot

conrt in iteknoflittcUHivitMtantofi ubMilm fiteqr piiK'te a rid aiEfc

GROUP DEVELOPMENT
CAPITAL TRUST pic

(pe^atavdbiEndaadNo, 2030499)

Admission to the Official List of 7,900,952 Ordinary Shares
of lOp each by way of an Introduction

Hie Company is an investment company, ft wffl make investments in development capital

nnw i rtiTmnrr rn tirirfr mrnnrl nf hnrin ^i » ..rt.un . r- . *

service companies in die UK. and overseas. Only in exceptional cases will Investments be
made in co mpanies in the startup stages of development and then only in companies

managed by entrepreneurs with proven records vf aduanment The great minority oE

™mi * lat

Company will qualify as an investment trust for foe proposes of UK. taxation.

Limited and

any weekday

_ j normal business hours on

> excepted) op to 8 th October 1986 from: —

LAURENCE PRUST & CO. LED.
BasDdon House.

7/11 Mooreate,

London EC2R6AH

GROUP DEVELOPMENT
CAPITAL TRUST pic

125 High Holborn,

London WC1V6PY

Dqwrtment, The Stock T^riimigp^ I nnctoiEC2iintfl26ttiSqrtembe3; 1986.

24fo September 3986

ANNOUNCING A NEW ISSUE

Ask for our latest 100 page Catalogue and Q f

ENGLISH IMAGES

an exhibition of 18th find 19th century
paintings. Visit our stand at The Kick
Lane Hotel Antiques Fair, Piccadilly
October 1st to 6th. Catalogue and
details available on request.

CaH Marlow (06284) 6565/6.

ELD

ELO

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HNEAKT*.

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FINANCIAL TIMES SURVJbfr
The Financial Times proposes to publish an

EXPORT SERVICES SURVEY

on November 17, IMS

. The following subjects will be covered:

L Introduction 7 . ; - ^ ;

1 SL' r Goveriimeni Support "

British Overseas Trade Beard
Exports Credits Guarantee Department
The Foreign Office
Trade Advisory Committees
Aid and Trade
2. The Private Sector
The Banks

The Private Export Insurance Market

Chambers of Commerce

The British Invisible Exports Council

4. The Language Problem

5. Trade Fain and Exhibitions

All editorial comment should be adiessed to the Surveys Editor.
A fall editorial synopsis and information about advertising can be
'dtfUQBOd Ubmnobin Ashcn>Rr*M.rtJt-2« 9000, e*L 33®. or your
usual Financial Times repres e ntative.

EUROPE’S BUSINESS NEWSPAPER.

:>h

2 El cat

iB3 Rad

Rrssaag

ip5

PUZZLE No. 6133

iliflBBlHU

Clue8l t 4; 10 Jl, 12, 13,20,24 and28 across, j>lu* 17; l&and27domaR
have- something in common. :

ACROSS

1 Unusually hale in what he
became (6>

4 One doing a rush job on the
roof? (8)

10 He’s working for preserva-
tion (7)

11 It appears he will continue
to wort: hard, and corruptly?
(7)

12 It was heavep on earth while
it lasted (4)

13 He carried-out reforms
involving beer and petrol (6,

... 4) . ■

15 Hade a ran and clinched the

- match (6) .

16 Punish in the right way? CO

20 He gives a warning to say
nothing when about to leave
(7)

21 It's oat of town and out of the

country (8) .

24 He's an nnstable performer
without talent (10)

26 Cliff shows where he was
hurt (4) -L

28 He gets the new law post (7)

29 Is inane, perhaps, and
remains so # (7)

30 Think again about rough

seas on a ship (8)
31 Illicitly acquired

bundle of

pound notes (6) *

DOWN

*

1 settle on a new reel for game

fish (8) ,

2 Enduring new love song
about the upper-class (9)

3 Descriptive of a sharp drop
in sweet production (4)

5 A Calvinist, a tough French
one perhaps (8)

0 Sort out LRJL organisation
that's subversive. (10)

7 At the end of lunch they turn
to port (5)

8 Bitterly continue a row with
the French (B) ■ - .

9 Silver down at melting-
point? (5)

14 Produce of these plants may
be eva cu ated during the
shelling (10)

17 He is badly led by the clergy

m . -

18 Vertigo surprises ® '

19 Where to find a NJE. breed?

G» - ■’■■■■ -

22 Rising payment for the artist
<B)

28 Intriguing bunch of politi-
cians® —

25 Alice is out to get her (5)

27. He is the product of a
sanctimonious island -race
*4)

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86

Financial Times Wednesday September 24 1986

COMMODITIES AND AGRICULTURE

Fisheries ministers agree
conservation measures

BY TM DICKSON IN BRUSSELS

EEC fisheries ministers yester- increased in recent years at a beam trawls which are used to
day informally Agreed anS time when Britain's has shrank, hold open fishermens nets on
portent package of technical The compromise, although ^ bottom “ *“ 3ea, ‘

measures to conserve fish stocks watered down during the poll- M i nist ers have now agreed
in Community waters. t ica i negotiations, represents that the minimum mesh size

The roles, which "««■« that the most significant tightening will increase from 80 mm to
many EEC fishermen will have up so far of the technical con* 85 mm on January 1 next year,
to adjust their net mesh sizes servation measures introduced before going up to 90 mm, the
or modify the equipment on with the Common Fisheries size considered desirable by
their boats, were contained in policy In 1983. This sets annual many scientists, on January 1
a compromise plan put forward quotas for many species in an 1989. The two year delay is

effort to curb overfishing.
s- 'But the problem of diminish
ing fish stocks is one that con-

by the European Commission
after earlier proposals by the
British presidency had proved
unacceptable to member states.

No formal vote was

considered necessary to give the
industry time to adapt.

With the Netherlands, parti-

tion es to worry scientists and cularly in mind, an important
other technical experts. No one exception has been made for

“ Brussels last night was pre- sole fishermen, who will be
rnn^rti rilJrihld pared to estimate the effect of allowed to keep the 80 mm size
^ nt a o£ “ long *aiid 1 ’ the latest changes bat they at provided their catches are at

session but It was clear in
Brussels that the necessary

the

least go some way to meeting least 15 per cent sole and do
the concern. not contain more than 20 per

Two big stumbling block had cod, haddock, whiting and
to be o v er c ome during this coiey '

week’s deliberations — the time- Although not happy with this

_ table for increasing the mint- arrangement; the Dutch are

minority where the EEC is con- mum mesh size to be applied understood to be even more
cerned — who fear the adverse in the North Sea and the con- concerned about new reatric-
economic impact of the dittoes on fishing within the tious on beam trawling for sole
measures on their sizeable fish- Community's 12-mile coastal and plaice within the 12-mile
Ing fleet This has significantly zones (In particular the use of zone

qualified majority " in
Council Is now in place.

The move has seriously upset
the Dutch — seldom in a

Saudis to subsidise barley

BY FINN BARRE IN RIYADH

popular.

Unfortunately, they have
worked too well and the govern-
ment is paying a mounting bill
for unneeded wheat The SR
2,000 a tonne price does not
represent the total government

contribution to agriculture. The __

onethirdof their production go vernm ent als o ^pr ovides low- lower than" they arefor wheat
‘ ’ and that no modification

SAUDI ARABIA is aking steps
to control Its expensive wheat
surplus and cut imports of bar-
ley by introducing subsidies for
domestic barley cultivation.

It has also asked the King-
dom's five large publidyowned
agriculture companies to switch

import subsidy will be left In
place. Many of the barley im-
porters have princely connec-
tions. Some observers say the
subsidy will be cut but not com-
pletely eliminated. *

(hie advantage to growing
barley is production costs are

from wheat to barley. Five pub- interest loans for land and
lidy-held agricultural com- machinery, as well as subsidised
panies accounted for almost 30 fuel and electricity for farmers.

per cent of Saudi Arabia’s most
recent harvest of 2m tonnes.

King Fahd signed a yoyal de-
cree an Monday granting a
SR 1.CHX) (3266.66) per tonne
subsidy to domestic barley cul-
tivation. A SR 2,000 a to™**
subsidy is still In place for
wheat

With Saudi domestic wheat
consumption stable at around
900.000 tonnes a year, and har-
vests climbing to 2m tonnes a
year, the government has been
confronted with difficult
choices. Hie agricultural sub-
sidies. aimed at distributing
wealth and making the kingdom

Consequently, ~ Dr Abdul
Wahman Al-Sheflch, Minister of
Agriculture and Water, has
called for diversifying Saudi
agricultural production.

The subsidy plan is meant to
encourage domestic production
of barley to cut imports. The
kingdom Imports between 5m
and 5.5m tonnes of barley a
year. The barley is fed to the
kingdom’s herds of sheep, goats,
camels, and to poultry. This is
doubly expensive because the
kingdom. ah» subsidises these
imports at SR 300 ($80) a tonne.
World barley prices now range
around $69 a tonne. No mention

no modification to
existing agricultural irrigation
or harvesting equipment are
needed to switch from one crop
to the other. The announcement
of the new subsidy has been
made before planting has begun
in all parts of the kingdom, and
there is evidence some of the
companies were aware that such
a decree would be made. Tf«n
Agricultural Development
(HADCO) was already experi-
menting with barley production.

The Saudi General Organise*
tion for Grain Silos and Flour
Mills, which currently buys
wheat and mills It for resale,
will also handle the barley sub-
sidy programme. It has not yet
announced plans to build new

self-sufficient, are politically has been made of whether the silos for barley storage.

KLCE to widen trading base

BY WONG SULONG IN KUALA LUMPUR

Cnmmodt- traders expect palm kernel to has equity in the Koala Lumpur

ties Exchange, which was re- ■* — — * * — - ■ - - — ^

lau n ched a year ago, plans to
widen its base by introducing
futures trading on more com-
modities and a possible joint needed to be resolved,
clearing and/or linkage with
commodify exchanges in Lon-
don, Tokyo and Kobe.

Tan Sri Lee Boon Chim,

KLCE chairman, said after the
KLCE annual general meeting,
that the exchange planned to

be traded early next year. The clearing house, it still provides
rules for the palm kernel can- the munagammit for the
tract have been approved, and Malaysian dwrjrp g houses
only, minor technical problems From October 1. the KLCE

** SLrt-i ' “»

jomt clearing and/or actions, known as an EFP

as an

tra nsacti o n , to cocourage more
trading.

Since the KLCE’s relaunch
last October, palm oil futures

posed

linkage with London and
Japanese commodity markets
would enable traders to square
off their positions with their

, _ . _ _ - respective clearing house, and _ ......

Introduce futures contracts for this would encourage overseas turnover has picked up steadily
palm kernel, processed palm traders to take an interest in 8X14 averaged a daily 159 lots of
oil, tin, cocoa, and the Kuala the KLCE. 25 tonnes each for last month.

Lumpur Stock Exchange Cora* Discussions on joint clearing However, there was little
poate Index. were held between the Kuala activity on the rubber section

Currently, the KLCE only Lumpur clearing house and because of stringent rules and
dea ls with erode palm oil the International Commodities an unattractive lot size,
futures and two grades _ of Clearing House of London in For the year ended December

1983, but were halted after the
palm oO default crisis in early

1984.

rubber, RSS one and smr 20.

Tan Sri Lee said the new con-
tracts would be launched at the
“ appropriate time,” although

1985, the- KLCE incurred an
operating loss of 1.9m ringgit
(1780,000) compared with a loss

Although the ICCH no longer of RL26m feu 1984.

Orange
juice
market
perks up

By Andrew Gowers

THE ORANGE juice futures
market in New York has
reawakened after a four-month
slumber. Prices have risen
sharply since the end of last
week, topping 3L09 cents per lb
yesterday in the January

position.

Analysts say the increase
stems from a range of factors:
Firstly, Brazil — the world’s
largest orange juice producer
— has been sporadically limit-
ing exports, encouraging the
US trade to draw down on its
ample stocks.

There has aim been uncon-
firmed tpifc that Brazil might
raise its export price for the
commodity to levels nearer cur-
rent futures prices. This would
mean a price rise from about
$800 per tonne to about $900.

Thirdly, there is growing
speculation that the first pro-
duction estimate for the 1986/
87 Florida crop — the world's
second most important — will
show a lower total than was
initially expected.

Ms Judith Weissman, an
analyst with traders Shearson
Lehman in New York, said the
estimate, due on October 10.
was now expected to range
between 130m and 140m boxes,
compared with earlier expecta-
tions of 150m.

Volume in the market, bow-
e ver, remains thin. Ms
Weissman says it is only
expected to pick np when foe
speculators start to take an
active interest in the rmura to
foe traditional Florida frost
season in December.

India plans help
for jute industry

By P. C Mafaanti la Catenas

MR RAJIV GANDHI, the Indian
Prime Minister, has announced
a Bs 2.5hn package of measures
to help the country's beleagured
jute industry modernise its
equipment and quality control.

Allicationa under the plan
consist of Rs L5bn for moder-
nisation of weaving and finish-
ing equipment and Rs lbn for
quality control between the
time raw jute is grown to the
finished fabric stage. Customs
duty on imported capital goods
used for modernisation will also
be waived.

The measures Indicate that
Mi - Gandhi, who originally
vowed to close down noinriable
industrial units, is prepared to
vary his approach in important
areas like textiles and jute-y
especially In politically-sensi-
tin states like West Bengal.

Under foe package, an official
committee has been appointed
to identify areas, particularly
in Industrial packaging, where
jute alone will be permitted tB
packaging m a teri a l .

• The Ivory Coast has become
the sixth c ount r y to sign the
1988 International Cocoa Agree-
ment, says the UN legal office.
Like most of the other signar
tories so far, it also gave notice
of provisional application. The
new accord succeeds the 1980
agreement that enured on
September 30.

Ramie joins the textile race

In

By David DedwaH, recently

Wuhan, Central C hin a
COLLEAGUES call Lin Yanptog
“China's king of Ramie.” He has
played a significant part in nuk-
ing Hubei Province in Central
China one of foe world's leading
producers of a erbp that was
until recently almost ignored,
but is today attracting the
anxious attention of protection-
ist lobbies in both Europe and
the US.

As foe salesman in Hubei's
textiles import-export corpora-
tion. with responsibility for
promoting international sales of
the province's ramie products
—which range from yarn and
piece-cloth to ramie-mix fashion
garments — he has seen exports
rise from nothing in 1983 to a
point in 1985 when they earned
about $37m (£25 ml.

Until just four years ago,
ramie was grown to small quan-
tities in the hot and fertile
central Chinese provinces ad-
joining the Yangtze River.

Shorter and more bushy than
jute, the ramie plant's fibrous

the 11 mSiuf ac^^r^of ^sacks'* and ■ similar amount — an improve- mid Hunan— both of which share
gunny bags. It was innovative »ent entirely toe to almost 20 Hubei s long, hot summer
textile manufacturers in Hung P» cent growth to exports of nunfta, generous rainfall and

ramie and linen-mix goods. As fertile, red soils of the middle

textile and garment mamifac- reaches of the Yangtze river—
turers in Hong Kong, Korea axe also emerging as significant
and Taiwan were keen to exploit producers, but none has raain-

Bamie processing at a large textile factory in HuangsW

Kong. Korea and Taiwan who
realise

Wuhan: "We have to increase
our exports rapidly now, before
the US can put pressure on for
a quota at the end of 1887. n

LONDON

MARKETS

COCOA futures dropped
sharply yesterday on foe
London Commodity Exchange
for the second day as
speculators continued to bale
oat of the market The drop,
which coincided with a
s i mil a r ly precipitous fall in
New York, took the Decem-
ber position to £148850 per
tonne, down &ULM on foe
day. Analysts said the sud-
den wave of long liquidation
and step-loss selling had met
little or no buying Interest
from the Industry. Some re-
assessment of craps to the
Ivory Coast— foe largest pro-
ducer — may also be occur-
ring, following foe market's
sharp rally several weeks ago
In response to tower forecasts
of 1988-87 Ivorian output
Rolmstn coffee futures con-
tinued tiselr rec ent tabu as
concern resurfaced over dry
weather In Brazilian growing
areas and there was talk of
Brazilian coffee buying In
London. The November con-
tract dosed at £2427.50 pear
tonne, up £20 on foe day. On
foe London Metal Exchange,
copper lost seme of Its recent
gains ns sterling recovered
partially against foe dollar,
with cash grade A m etal
dropping HL58 to £829 par
tonne.

LHE prices supplied by
Amalgamated Metal Trading.

INDICES

REUTERS

Itept lOiSfaTigoSaar ago

laas^l i wbjS iouj l ivss j
(Ban Saptambsr 18 1831-100)

DOW JONES

PMM.Sagt

JOOM

MAIN PRICE CHANGES

. In tonnes uniats otherwise stated.

METALS

Sept. 83 -for Month
1WM — ago

AuiiilnluiiiM

FreeM altet— B1MMW
Copperroi

Cnh QiaU/L... BS8B

3 mths IBGUG
Gold Trey ox >...8433

Lead Cash SS77JKS

B mtfis. 8881X7

Nickel —

Free MM. 188/lNo

PaDwflum ox—— fl44
Platinum ox—. M13
OuteKattvart. — 8190/1
Silver troy ox— eiuiop

amths «l.»8p

Tin

free mkt — — >£3710/710

Tungsten ttfiU®

Wol from nan-. 1*58/48

Zinc

teeoi

-8 mths teso&.s , r ._

__ producers— liago | |S84Q

OILS

booonut CPhlt) — . . .

Palm Malayan l888g.gr !+ lTjIglOS

Copra (Pti ID jfiSdx ' 7+10 <#I5S
Soymbwifll A) glQSx 1+ 8 1 »1»

GRAINS

ALUMINIUM

Barley Fut. JanjeilQ.1 f-O.4
Maize <ei.fi4.OOI

Wheat Rit. JanJsuun^O.5
Mo. 8 Kurd WlntJ *

(Unofficial +OT
[cJoee (p.mj —
£ par toons

Cash

Smooths

MtflULow

84000

(816-7 '

US 1064

ta.

[818/816

Official closing (am): Cask 883-4
;860-1). three months 818.5-9 (BIC-OS),
settlement 864 (861). Final Ksrb dose:
318-19.

T u rnover: 2L300 tonnes.

OTHERS

Ooooa TCBoo3ITIIhjB'
Coffee Ft Nov.

Ootton A Ind.*

Das Oil Nov.

Rubber (kilo)

SBUg &a

woomm w**6

.-=L

107.40

160.60

106.B0

Itffi

SP®8jBT-448jSx4«Ji
rasa 7.5 |+ao.ok5o6aj

4MOo i+UH (37.160
1184.76 P-UO Sl36
fifi.Op Uo.fi (fiBBSp
flielowf— US [8131
USBp kitol JBBBpMto

t Unquoted, t Par 754b flask, e Cants
a pound, x Oct. * Cotton outlook,
y Nov. x Sept-Oct. w Oct-Nov.

COPPER

MEAT

Grads A

3 months

BsrcriiBS

Hfeh/Low

Cattle prion eased in ontbieaka
of trede soiling caused by lower
physical prices sod general bearish
sent im e nt. Pig meat prices toll duo to
flesh selling particularly in tbs October
position, reports Eastern Capital COST.

Official dosing (am): Caab 82BX-9
B38X-40). three months 861.13
361-1,6), ssttismant 928 0MO). Find
erf, dose: 961.5-2.

Standard

Caab

5 months ■

9040

—10 B

997-8

F“r

Official oloaing (am): Caab SOS-4
(913-8), three months B2B-9 (987-9),
settiamsnt 904 (916). US Producer
prices 86-68 cams per lb.

Total turnover: 38X00 tonnes.

LIVE PfOS {

E3

+ 0 r

0

+«

Sapt

Oct

Nov

Feb

Apr

96.00
9750

98.00

9850

-OflO

-150

-950

_

10450

10650

9950

9950

-050

-0.10

LEAD

hfiroffloial -for
dose (pJTL) —
fi per tonne

Cash 187V-7J5

3 monthslSOUBB-l

HtohiLow

Cattle sales: 5 (0) lots of 5w000 kg.
Pigs sales: 11 (0) lota of 3,250 kg.
NCAT COMMISSION— Average fin-
stock prices at representative markets.
08 — Cottle 9f.68p per kg hw (—1.99).
on— Sheep 12«^23p par kg eat dew
OB— Pig* 78.19p par kg Iw

hr 77*
,78 teeatsei

COCOA

Official

dosing (am): Cash 277-8
throe mon th* 261 . 6-2
sstdemeiTt 238 (2%B). Find
2B1-1J5.

Turnover: 8>30O ton n e s. US Spot:
2UI cents par lb.

AMbough only marginally lower an
tin opening call futures later eased
sharply and continued their downward
counts to ana an active day near the
Iowa, soma . £46 below the previous
evening, report* OIU end Duff us.

iVestardayll
close

NICKEL

COCOA

l£per tonne!

Unoffloial + or
otoea (paiu —
A per tonne

MWUlAW

Oesb

06606

3 months J8616-6

1+40

1+44

«2*--

Deo.

Starch ,

!*E--

Jufy .

apt.

P6BWWB Pen ^-4 1610-1618

Hf-’m Buatneas

— -Done

1489-1408

1488-1489

1B36-1B37I

1660-1668

1878-1681

1698-1600

Official dosing (am): Cash 2.58800
(230640), three months 2.836J
(2675-8). ssttiemetit 2590 (2640).
Final Kerb dose: 2628-30.

Turnover: 1.080 tonuas.

Salaa: 6,338 (4.7571 lots of 10 tonnes,
r prices

ICCO Indicator prices (US cent* par
pound). Dally price for September 22
4M.26 (10246): five-day avenge for
September 23 101.56 (10283).

TIN

COFFEE

KUALA LUMPUR TIN MARKET:
Close 14.19 (1426) ringgit per kg.
Down 047 ringgit par kg.

ZINC

High

9r*dla

I Unofficial 4-or
[okaeo (p.mO —

6 per tonne

Cash

3 months

MgMLow

8O0.B-2S 1_1J| W09I60U

Further gains In modems volume
ropons DiskoI Burnham Lambut. In
thin trading conditions the market lost
£31 before finding good trade buying.
With the selling exhausted, level*
quickly mas to new recent high* of
MB basis November. With only light
sslllng evident levels held throughout
the test of the day encouraged by
underlying trade support and a study
” C ” contract.

1^8MKA/600

Official dosing (am): Cash 8006003

(0043-6). three months 603-4 (9005-7).

Mtxlament 6005 (60S). final Kadi
doss: 805-6.

Turnover MOO tonnea. US Prime
Western: 44 47 .80 cants par lb.

GOLD

Gold fell m an ounce from Mon-
day's dose In tbs London bullion
market yesterday to finish at (433V

5433**. The rural opened at $436-437

and traded between s high of *437-438

and s low of $431-432. The strength of

the dollar was offset to soma extent

by a further risa In platinum. Dealers

suggested that gold was likely to con-

solid nu in the $420-440 range before
moving again.

US MARKETS

HEATING OIL

42,000 US fldlona. osnts/US gel to n.

PRECIOUS METAL futures
closed tower at platinum
failed to hold earlier gains,
reports Heteold Commodities,
Today's sell off occurred as
the US dollar gained for foe
second straight day a factor
which has apparently
persuaded some market
participants that European
Community intended to keep
the dollar above the critical
DM 3 level- Platinums short
lived recovery was linked to
strong demand but there
remains no fresh influential
news. Sugar futures closed
strongly higher with sharply
Increased volume as trade and
Gomntisslott House baying
intensified. A leading trade
house was a significant buyer
of March but was possibly
lightening its position in
October through ether floor
brokers. A trade analyst
attributed much of the buying
pressure to be playing on con-
trary opinion. The biggest
bull factor seems to be every-
body seems to be bearish.
CoffOe futures dosed Uglier
Commission Houses and
Trade Houses featured as the
main buyers. The market
continues to show good sup-
port around 214 emits basis
December with resistance at
218.

NEW YORK

ALUMINIUM 40500 &>. csnts/Ib

Close

High

Low

Sept

62.70

—

S3 JO

Oct.

6250

•M

_

6190

Nov

63.10

—

63. TO

Deo

6350

6145

63.30

S3JBO

Jen

6356

—

_

53L99

March

63.60

63.65

53. BO

63-90

May

63.76

—

6420

Jrfy

64.00

— —

8446

Sept

5450

—

—

5446

Deo

54.30

—

—

84.76

COCOA 10 tonoes. S/teraw

Cfosa

High

Low

Deo

199S

2033

1968

2021

Mliin

ww

2075

2015

2067

May

2DB0

2098

2043

Z128

July

2075

2106

2137

Stpt

2086

2125

2088

2152

Dm

2106

2106

2085

2169

COFFEE

Ctone

High

Low

■7771

Dec

.

21840

20660

213B9

March

207.75

208.78

20&£0

2D6.S1

May

20651

20L50

206-00

204.60

Ju iy

205-26

20650

20660

204.70

Sept

205.00

—

—

204J8

DSC

204-60

20BB0

204 JS

Ctaoe

KT3

Mrre

Sapt

60.45

0050

01-20

60-96

Oct

©355

aiBO

0046

6106

Nov

on urn

—a.

60.90

Dec

8155

6155

6026

61.66

Jon

81.15

mmm

61.06

March

8150

0145

61.10

GIBS

May

0150

61 BO

81 JO

62.15

July

8158

62.16

61 JS

6240

Sept

62JO

82.50

62.00

62.66

Dm

e££k

62.76

C2L7S

63.W

Jan

82.65

—

83-20

March

6256

B3JO

63.16

83-50

Oct

Nov

Dec

An

Fob

Match

AprB

May

June

Close

40.10

41.40

42.70

43J&

4140

3BJ90

38.00

Nigh

40 JO

41 BO

o»

43.66

43B6

41.80

39BO

38.60
37 JO

Lew
38X0
40X6
4T50
42-60
42.78
40180
38X0
38.80
37 JO

Rita

3998

40X7

42.16,

*uS&

«X1

40X5

WBO

3T.4S

ORANGE JUICE IS,®* », cenfe/ffj —

Cfoee

High

Law

Nov

108^0

mis

106.00

w.n

Jan

mm

lauo

kb-

103.15

110X0

108-70

x*S

•&

109.16

109X6

109X0

WMO

W*

Sept

10948

—

NOV

T09.7S

TWXO

noxo

1MXD

Jan

105.76

— *

— ■

«0J»

PLATINUM SO troy as, */tray he

Latest

Kigft

Lew

Pro*

Sept

6124

614.0

E89J

616.1

Oct

6290

697.8

MIX

Jsn

—

838.0

N8X

818B

April

—

638.0

007.2

9198

July

6430

M3X

612.0

•23 5-

Oct

618.0

—

«!£

SILVER E.000 troy ox. esnta/troy ax

Close

Mgb

Law

Sept

BB3-5

696X

ms

tax

Sapt

ra3JS

696X

991B

BOM

Oct

564,5

—

— —

SSOj*

Nov

598.7

—

M2.7

Dec

600.0

■08.0

G98.0

ms

803.1

rae.

006.7

Merota

009.1

618.0

KKLO

61M

May

616.5

622.0

612.1

8214

July

822.1

628.8

619.0

82«X

Sapt

6288

633.0

628-0

836X

Deo

S33.2

645-0

638X

MU

Jma

S42-S

—

64M

March

650.7

HOX

960.0

8664

May

658.9

— 1

-tan

8844

July

887 a,

—

—

673X

SUGAR WORLD

112.000 lb, cents/tb

Close

Mah

Low

Oct

SJ29

6X2

4,72

4.71

Jon

6.82

5.90

6X3

8X3

March

6 JO

6X3

5.86

6X>

May

842

6.62

8.T1

612

July

8.78

6B1

6X2

>X!

Sept

— •

— m

a.

Oct

7X2

7X4

6X8

■A

CHICAGO

LIVE CATTLE 40,000 lb, caots/lto

Close

Hfeh

Low

Oct

60.80

80X0

89.67

60.25

Dae

87.10

67.00

5640

Fob

68.37

56 BO

KBS

65B0

April

57.80

67X0

66X2

June

6746

67X0

66.60

66.62

August

65X6

56.16

65.40

66X0

Oct

56.46

56.46

55X6

K00

UWE HOGS 30.000 fe, camsflb

Ctose

Hlflb

Low

Oct

53X0

84X0

6340

Dm

63.35

54.10

62.77

Feb

83X2

63X6

61.76

Aprfl

4842

48.82

46.06

Jims

60X2

6047

49.10

July

60X8

60X5

48X0

a 1ffflWt

48.10

48.40

48X0

Oct

44X6

4?.87

44.87

Dm

44X5

44X0

44X0

$450

6457

6267

47.12

4857

4650

43.75

4356

MPbu min. eants/56 lb buabsl

Dae

March

Jktiy
Sapt .
Dae

171 Jt
WI5
1875
189-2
1855
1895
197-4

High
' 1715
1815
1875
189.4

mo

1095

1975

Low

1G65

1775

1835

1865

1*35

1905

1965

1665

1775

163.4

7855

1835

1875

19751

BORKIIiajJEB 36,000 lb. cants/lb

Feb

March

July

6356 —

— 9350

— 63.70

COTTON 60500 JbS* emta/lb

Mr

August

73.42

7250

7156

7052

67.77

7270
725$
71 JS
68.70

low

73.42

72.00

71.00
6950
6750

hw

79.42

7450

7256

71.16

6*57

Oct

Dae

Mntih

May

Oct

Dee

■tech

Latest

4450

4*55

4*50

4*50

47.10

4B.70

4850

9150

Mob

4*50

4758

4*50

48*0

4*50

48.70

4950

4850

47.10

48.16

Low
4450

44.10
4658
4859
46.70 4950
4950 jfQWr

48.10 61.10

— 6250

CRUDE (ML (LIGHT) ~
■Bone. 8/

SOYABEANS

8500 hi min. eants/BO 0> bushel

~ Class Wgh“ Low

Nov 4885 4905 4845

jjW . «985 4985 4S25

Jtareh 6045 6085 6015

Hey 8115 6125 607.0

54y 614.0 6165 6095

Aug 6135 6145 6095

Am BM5 9195 6165

43500 MS susiw. 8/ banel

SOYABEAN MEAL 100 tone. S/ton

Prow

4965

4945

6026

6095

6115

9105

6165

Cks*

Htoh

Lm*

Fro*

Mow

1440

M48

18X6

14X9

Oct

Dm

14X4

1442

14.16

1442

Dm

Jan

1447

14.60

14.16

14X4

JM

Fab

14X8

14X8

14X8

14X4

March

Match

14X0

14X2

14X0

14.14

May

April

14.16

14X0

13X3

14X7 .

July

•hr

.14X0

14X5

UN

14X0

Aug

J«ma

July

14X0

14X6

13X6

13X6

13X6

13X0

Sapt

CAVAX

160.7

1615

1626

1535

1665

1665

166.5

154.0

High

160.7

1522

163.0

1645

1655

1565

1865

1645

Low

1605

161.1

mo

1629
163.5
158 5
1645
1545

Pnw

1605

1615

162.1

1629

1545

15*5

1f*5

154.5

1 •- |

IJ J . 1

Wfk? i

[ ■ 1 ft I

iiv

k

I'.y - 8

E }.f . - .j

|Z. ’ - 1 1

\rf . IBS

K 1 . |

[J'M

K. * J

K ' * I

SV ! v ^

Ely/:]

XM I 'f 1

Kl« '^1

tC ' X i 'l

fof r J ' I

^rvnr

]

r^r 1 1

K.I/ Ji'l

H r, 'I

rr| 1

w T'V

v ■ > w

J- _ J J’B

|. :*f» 1

I' : - * M

J * if ■

|-'iR ■

i-.ff H

* ■ ff-M

Sflf*; 8595 (4 460) lots of B tonnes.
ICO indicator pncaa (US cents per
pound) tor September 22 Comp, dally
tMay """*•■

HG CA Loc a tional sx-fann spot
prices. Food Barfay: 9. East 10350:

S. West 101.70; W. Mlds. 103-20: N.

Wool 10150. The UK monrary
co-afficlsnt for tba week beginning

Monday Ssptambsr 29 (based on HGCA

calculations using 6 days exebanga

rotas) la expected to change U 1,222

GAS OIL FUTURES

jVratWsf+or

POTATOES

SOYABEAN MEAL

ling eraitn dry weather an-
Irosh selUng Intaraat

(Bose 8438«i-4a8ia (CSOUs-Mei*)

Opening- 6436437 (83011^30840

firn’g ffec.. S43&.1B frE.Kll.OEB)

AfflYn fix *43650 (8899581)

Prices roinainad steady an a weaker

Starting with good underlying commer-

cial buying. However the upslda iwi
U mltad because of good option hedge
sailing, reports Mulrpace.

GOLD AM) PLATINUM COMB

fO-gVnd- 6434-436 (£a99Ul-300S,)

_ 89 88 >4 -889 If (£1 57 is -1 B 8 I 4 )

U Kruta-- 8H6-U7 (E 80 803«)

VW Krugu >47-48 (£38ia-M)

Maplalaaf 844ei*-448l4 (eMnia-SOBI*)

Angel. 8439448 &80350fia«)

IMS Angel 64758 (SSIa-SS**)

HewSov^ 6104-106 (£71 84 -73 1 «)

OkJ 8 ov^~ 81061*-107 («7aV733*j

*80 Eagle 8478686 pU 9 rU- 3 «i 4 )

Continuln

coureged Irosh aemng intaraat on
market, with lassos of £5.50 being aeon
by mid-mom leg. However at these
levels sailing, athar than ttap+osa.
appeared to dry-up and in thin volume

values quickly recovered to doss at

days highs. Market bounced for flttie

apparent reason other than values had

fallen perhaps too heavily, reports
Coley and Harper.

_ ***•
iper tonne

Oat—.

Nov—

Jan J

Apr.

120.25

184.76

12950

13275

183.00

— 1511
I — 1.00
-!JC
-aw

Buslnass

Dona

ian.76.wjw

1365641 .00

129 .GUa. 7 GI

<161584955

HMD ;
Ufl.76 )
U956

2659

Turnover:

100 tonnas.

3.190 (1,183) lots of

Month

[Yesterday* 1 Previous

B per tonne

[Business
1 dono

Nov

111.40

111X0

Feb

isaxo

Apr

176X0

%■!

**«sr

190X0

Nov

B8.00

68.00 1

11050

SUGAR

17859-17650

Salas: 152 (7(f) lota of 20 tonnes.

GRAINS

Sales: 909 (1571) lots of 40 tonnes.

OIL

f 11 ® 00 (68050). down Si 50 (a a me)
a tonne tori Oct-Nov delivery. White
auger 817200 down $3.00.

Mobil

6616-6871*

SILVER

Wfasot was strongly Influenced by

w tender

l$ed that modem processing
methods could make ramie fibre
fine enough to mix with cotton

fo? w kTSAwSS the uewto discovered loophole^ glued foe growth pace of
^ * go China’s farmers — and with w,,w

industries-

The incentive to exploit ramie S £ S!« manU ’

might never have arisen bad it foctore** “ ™ stood to gain.

Hubei.

Scope for
tion is limited

catins is not yet a party to
commitments under the multi-
fibre arrangement (UFA), but
has a bilateral agreement with

not been for encroaching pro-
tection in the ITS in recent
years. However, as pure cotton
and synthetic garments fell
victim to strlcted import con-

have watched the US Adminis-
tration force big exporters like
Hong Kong, Korea and Taiwan
into accepting quota restraint
on Ramie and linen goods, so

It has been largely due to the national demands— in stark con-
likes of Lin Yanping that trust with eight years ago when
China has become one of the rigid agricultural policies
world's leading producers of imposed under the aegis of Mao

ramie — and that Hubei Tsetung discouraged fanners

final, so it was realised that by province In particular has be- from taproyfog farm output, or j£iyhive mUsedfoevfS an
mixing other vegetable fibres come foe leading base for from foyero^ying into cash crop uphffltask in avoldiraa simHar
with cotton or polyester - China's production. production. SSttafoaff SmSSa tote

mainly ramie or linen — ex- The province's farmers last As for international demand, tuifc-g with the US next year
porters could sidestep quota year grew 20,000 tonnes of Lin Yanping has an unusually

restrictions. ramie, enough to make 9,000 clear awareness of how en- Land in Hubei committed to

So, for example, Hong Kong’s tonnes of ramie-mix yarn, and crouching protectionist forces ramie doubled between 1985
cotton textile and garment ex- to produce lm dozen ramie leave him and colleagues in a and 1988, and is likely to
ports slipped by 6 per cent in garments — about one third race to boost exports. “Now is increase at a similar pace next
value last year, but overall t ex- of China's total production. foe rush time," he commented year. Output la also likely to
tile and ales grew by Nearby provinces of Anhui at his headquarter offices in double.

Slhrer wi find I55p in ounct
tower far apot dalhreiy In tin London

bullion marfcat yaotarday at 4115a.

US rant oquivsiants of tire filing tovals
were: apot 896e, down 8 « tfares-uionth
000.46c, down 8u six -month 812c.
down 8.2c: and 12-montta BZ7.3c, down
956c. Tbs mats] opened st 4KFr413p
(9M-997G) and dosed « 40BV408p
(591 -GMc).

fins) September tender trade, finding
kaon merchant selling pressure against

abort eovartng. with renewed consumer

support noted to deferred positions.
Barley was generally molar after
erratic short covering on September,
finishing tba sesalon with trade soil-

ing pressure on all positions, reports
T. G. Reddick.

WHEAT

_ Yesterday's H* or

SILVER

P“ r

troy oz

BufikM

Fbdng

Price

L.M.E.

, P-*n-

Unonkfl

W150pH|

4ai56 P ra

MH.70pLlJ

W8.a0p|-15

406p

4X6p

N02-J 107.70

dan.

July.

110.10

11850

116.10

116.90

BARLEY
lYtntifrdYeU. or

Lra September Forties was reported
sold around SIS end Porc&doa ex
81350 plus freight. . Brent traded
thinly In a weak market although
prten firmed towards the don. Nov-

embers* WT1 opened 34 cants dawn
on Nymex and traded 2 cents up at
150 pm EDT. In the petroleum pro-
ducts market Gsoofl continued to fall
In nervous, futures -led market. Mogae

assessed weaker on good prompt
availability dnpita reports of UK buy-
ing Interest. Naphtha was quiet. Fuel
oil was also quiet whh seller* hold.

lag out but with buyers bidding tower

fto.fi

Con-

tract

rssrt

Bustnosa

dono

. J-Wtonn<a

119,2 720,0 is££iwj
las - B -IW5 1405-1625

bet

Dw-— -} 1265

Mar

May —

1—050

+05t

108.40
U150 ,
113.00

114.10

' i ES ”

CfefiJifffllr-VOStf p^BuroO— Oot.

Arab Ught „ —
Arab Hem. —
Dubai

(MB— Turnover: 39 (8) lots of 10,000

Three months Ugfa/lew 41Sp-414p,
RnaJ Ksrb 415-7p.

RUBBER

PHYSICALS— THE LONDON MARKET

openod about undisngad. mot aaiflnfi

pressure taroughaut the day and closed
quiet and easier, reports Lewis and
Peat. Ctosinq prices (buyers) Spot
ffi-OOg (9S50g). Get 94.00p (ffi.QOp),
Nov «.00p (BB.OOo). The Kuala Lumpur
fob price (Malaysian cants s kilo):
RSS No. 1 2305 (2325) and SMR
2065 (2075).

FUTURES — Index 667. Oct 64-591,
Oct/Doc &44-661. Jan/March 654-681,
April/Jana 665-670. July/Sept 607536.
Salas: Nil,

LONDON GRAIN* Wheat; US Dark

Northern Spring No. 1, 15 par cant:
Oct 96.76, Nov 98.00. US No. 2 Soft
Rod Winter: Oct 9750. Nov 100.00.
French 11VU P#r ctne Sapt 130.00.
English feed, fob: Oct 11150-112.00.
Oct/ Dec 11250-113.00. Jan /March
11650-116.00 Puyer/sallcrs, April/June
11950 aalare. Moira: US No. 3 Yellow/
French, transhipment East Gout first-
half Oct 14350. Barity: English lead,
fob: Oct 118.00-113.76, Oct/Dec 11550-
11650 buyar/malleni. Jan/Marcfa 117.00
sailer, flaat unquoted.

Business done — 1 Wheat: Sapt 108-76-
750. Nov 10755-7.70, Jan 11056,
Match 112.70-250, May 116.15-B.ia
July 17.00-655, Salas: 427 lore of 100
tonnes. Barley: Sapt 108 50-7.73, Nov
10650-85Q, Jen 111-10-150. March
113.25-3.00, May 114.10 only. Salas:
130 lata of 100 tonnes.

Brent Bland

W.TJ. (lpm set) — ;
Foraadoa (Nlgarta)
Urals (dfNWE) —

1856-1859H —

1S/W-13. 691—050

14.10-1450

+ao8

oraSS!*Jd d iJ^I? drt>v « r y price for
. bMl8 8U V ,r was £182.00
i f™) far upon.

srKtS^sarss

PPft*)- Prices for Septembar 22 .

zsrg&s*’ sssys

t M

PR0DU0T8— North West EflhopO

Prompt daO v ery elf (f pertonna)

ffrTTTTl

wiiBBw

Sti

freight futures

J Ctesa iHlBitiLow) prgy.

* November.

— -Petroleum Argus, London.

COTTON

LIVERPOOL — Soot and shipment safes
for the weak commencing September 16

1996 amounted to 1,606 tonnea, against

347 tonnea in tba previous weak. Im-
proved demand Included business In
Pakistani, Colombian, Chinese, Russian.
East and West African va rieti es.

Oct.

Jan.

*«wn

July

Oct.

Jan.

Apr.

July

BFL

Dry Cargo

8161818

gguaee

760:766

MO/870

870f88D

■401050

770.5

813/808
818/814
864/880 ,
760/767 j]

Ma/«88|

§76/867^

948
867 A

8131816

820)821

866/868

766/778

866/872

840/906

036/960

840/860

7735

>

Turnover: 168 (l 9 Jj.

V.

N

Financial Times Wednesday September 24 1986

CURRENCIES, MONEY and CAPITAL MARKETS

ij /' i

M

FOREIGN EXCHANGES

Pound rises on intervention

STERLING ROSE sharply —

SS5US9&JSL2 « ™ new vosk

to s efl D-na rty and US doUan. ■

The axmxajt of Rjjjport was prob- sapt.23 l ih* Pnv.ofaaa
ably not very large bat the

psycfcolagical import was slgnifi- , spot nti-4A»-T.Ms J 'fx.447o-UOT
cmt aaO. anted a rash to cover 1 r SSSL

firsArt “5SSS aaaaags

record krw at D V 2.9350 and also Fonmd preoHsn* ud dteoounu apply
touched its. lowest level ever to units aannr

against the yen and on its ’

Sspiaa

spot
l month

to tbs US doRar

CIMAMPIAI Cl IT I IDCC nominated contracts also gafaliiK

rliinnUIML rUIUKU support from encouraging US

economic figures, which boosted

m o — ^ . US Treasury bond and Euro-

ention Strong tone

^ M. vilt ivliv US durable goods was more than

w expected, and the rise of QJ 2 per

^‘^ td ^fr n Pf r 5* ltB PRICK ROSE quite dimply on support sterling was a major cert in con s umer prices was at

■i u Tf*f» eaee , , *^ reas tbe London Internalional factor leading to the recovery, the lower end pf die forecast
^ Knancial Futures Exchange as fears receded of a rise in UK rangfc. Comments by US officials

BRLi"?? 1 *»“*! JE? yesterday. Long term gUtfrtjnws bank base rates. about a rise in durable goods

closed at 113-13 for December There was a su&Oar impart on orders in comtag months r,i d
_™ *~r delivery, only slightly below the three-month sterling deposit abort the possibility of higher
a fF~.. y „ P. reced y °y * ■ day's peak of 1&14. and well futures, which clospd below the interest rates, had little impact
nr abwe the prevtoOB close of day’s high, at 89.<5 for Decern- Dealers commented that the

11W& The contract opened at her, compared with 8947 on market fc nervous ahead of the
?S£ «£ 111-17, ahnoet the day’s low. and Monday, after opei^ng at 39 JO. Group of Five meeting in w«h-

t n in/him h - —9? „P® was depressed m early trading just above the day's low. Stop ington, hoping for agreement on
SESUrS 8 Z^Lrl "SEA* by the weakness of the pound, loss buying points were coordinated moves to lower
relatively Sodden movement by o aT> t nt vntfisrui iMumoHm tn triggered- - with sterling de. interAW -rates.

Usually obliged

by the weakness of the

loss buying

to the recovery, the lower end pf die forecast
iof arise in UK range. Comments by US officials
es. about a rise in durable goods

u&Oar impact on orders in comfe u g norths >vd

were coordinated

Now offering

CBOT

BOND

FUTURES

FUTURES

OPTIONS

Also Futures and
Futures Options on
CDMEX-GOLD ft SEVER
IMM— CURRENCIES
Lov CoMteba Hanes

*I 5 <

ncwNnniu
Mr AMD ..
oraureatr

exetaasge rate index. T3ia effect how successflH attempts by EEC the dollar, espedalS°ajSist the Bank °* Enfiland LnterreBttoo to triKEered * starting de- inter est rates.

’Applies mly »• trade
*xittiBn g 2S0 contracts ptr
calendar mnrtib. First 250
co ntra c t s 32S round tun.

ot the intervention was made nations would be to
greater because until now there parities, us dun

D-Mark. Before the EEC
announcement the dollar had

QUO S ILT FUTURES OPTIONS

bad been po attnrapt.to 'stnUUw orderefeifby £fl peTcra*, modi faHen"8i per cent a gahurt ' thi __ n- Bent

the pennd, with the Bank pf in Hoe. with rapretaHrin^ How- D-Mark In ten weeks and nearly E? ££ j5i — —

England firmly resisting pressure ever the nan-defence element 15 per cent since the start of tts oju im — — s.ib iJs — —

to parti Interest rates higher. declined by Just OB per cent and June. oo ojb 1.12 . — — e.eo 7.6* — —

The pound's exchange rate comments by US officials claim- D-KARK — Trading range 1 Zl ■ u-2 0 B 2 — — m* — —

index opened at 69.0, its worst tog that durable goods orders against the dollar la 1986 Is ™ J-5 ®-“ — “ J®** 22‘2 H —

level ever and at 2 pm was «rem would, improve and that US 2.4719 to L9900. August ™ am o"is — wn i£si _ —

only at 69J- However by S pm interest rates may experience a average 24624. Exchange rate -» ono — — — ims — — —

it had bounced back to €@£ and slight upturn were sufficiently Index 1394 against 1344 six EstbMtad wtum» tot^. c*B» ij». Put* sn

closed at 69.7 up from 69.5 on in Hoe with market Rp*iti™gwi to nmfli* ago.

Monday. Some dealers suggested provide underlying support fur
that the Bank may have caught the dollar. In addition the
the pound at a point when K was D-mark’s fall against sterling
due for a technical rebound any- pushed the US unit higher so

Previous day's open bit. Calls HOT. Puts 06*

aderiytng support fur The D-Mark was lower against n ag gram sss —
r. In addition the the dollar in Frankfurt jester- SoM-Wper et)
fail against sterling day. the US unia was under- ?■ :

e US unit higher so pinned by the recent EEC fS? oct noITdJ

way. If this was the case then that it closed at DM 24610 from pledge to protect EMS parties, 1 , jo —

the authorities gained maximum DM, 24S15.

effect from their intervention. Against the yen it r
Sterling dosed at DU 24725 Y154JB0 from Y153A0
up from DM 2.8575 and V2244 SFr 13600 compared
from Y223.75, Agahrit the Swiss SFr 1,2385. tt rose agaiz
franc it rase to SFr 2.4050 from French franc to FFr 6.707

implying active resistance to a 7-36
rose to lower dollar. The US unit

0 and touched a high of DM 2.0480 2-£®

1 with having been fixed at DM 24461

tt rose against the up from DM 24300; There were I , jo

to FFr 6.7075 from no l
n Bank of England the

Call*— LM*

Oct Now Dec Mar

««> 1EW

»J» WJO 7033 7038
S 37 s .79 oaa 7ns

023 332 3JH 43t
oca 1.52. 1J» 3.17
OW 04 Oft IN
Oft 020 030 1.14

Oet Nov Doc Bfcr
— — OJtt 1.67

OLDS 0.00 0.74 230
- 0.52 1.73 1-8S 4J6
2.1* 3ft5 4*2 7AS
6X4 7.08 730 10.09
KMM 11.13 Tift) 74-4S
1408 16.74 10JD ia*S

UBF S US TRE ASURY BOND HJTUHES OFTIOMS

SMta Calta— Last Puta— Laat

pries Dae Mar June Sept Dse Mar Jena Sapt

88 6A7 732 — — 031 200 — —

BO 6.19 6.14 — — 0457 2^8 — —

92 3^9 BCG — — 133 337 — —

M £49 4M — — 233 438 — —

B6 1.60 3.16 — — 330 648 — —

88 1.13 234 ~ _ 4.81 7.02 — —

100 0.47 1.81 — — *31 8.29 — —

102 037 1.31 - — Ml 9.83 — —

E atl m a te d voKirna total. Cads 1. Put* 195
Prarions day'a span btt, Calls 617, Puts 1,000

Tohdon se c/s options

Cl 2300 (conta par CT)

Striko (Min laal nit a I »■! ~~

pries Oct Nov Die Mar Oct Nov On Mar

135 — — -HL8D 1930 — — 130 230

1 ft) *10 Eft) 6ft) 630 030 130 2 ft) 430

135 130 236 3-06 430 2.00 3.70 430 730 j

130 035 1.0B 133 2.00 0.10 730 B.10 1030

135 030 036 0.70 130 1030 1130 1236 1435

130 — — 0.40 035 — — 1630 1830

13S — — 0.70 130 — — 16.70 2030 ,

2X2-221-713S

Tdcacl7706S

pyiWijC

SFr 24725 and FFr 9.72 com- FFV &6490. On Bank of England
pared with FFr 916775. Agair/t figures, the donee's exchange

of any intervention by gatBAnad vcHums tntai. caiia 21 s, puts 30*
ss hanit. Reaction by US nwbui oyi opan m, Cana 23**- puis Vtn

the dollar it eased to $1.4400 rate index rose from 1104
jErom $1.4565, having touched a 110.7.
high of $1.4545. For the time being at le

The dollar finished a Httle the dollar’s improvement

rare*, the dollax's exchange officials which was considered agnmag rn aa gg
te index rose from 1104 to all Import an t did not clear the H 5a? yS£ 2?

0.7. position sufficiently and dealers . _ tc ” CT _P ^-Z

For the time being at least, seemed sure that there would ^

e dollar’s improvement has continue to be a jostling for ijo — 14 .!

below the day's highs but was removed a build up of pressure positions ahead of

well up from Monday, shrug
off previous apprehension al

on the weaker members of the mee
EMS. The. Danish.. krone is now DM

Calls— tan
Oet MOV Dw Mar
— — 14.50 —

930 — 8-70 1030

430 E30 *30.1630
1.60 230 230 330
035 130 130 230 .
035 010 0.60 130

POUND SPOT — FORWARD AGAINST POUND

seemed sure that mere would ^ |w uu- o* Hn dm Mar

continue to be a jostSng for

positions ahead of Friday s IMF 135 930 — 9-to 1630 oes — MS f »

meeting. The dollar closed at 130 430 B3» *30 im» J30 i^» mo

DM a®05 up from DM 24308. i£ “g ®. K “ 3

CURRENCY MOVEMENTS 1% ^ 03 s £8 o« ™ mSU m

■ • ■ - Previous day'a op«R krt. Calte rt 3g. Puw 373»1

I I Piwlowa day’a voOiom. CaBa 7«a. Pina 137*

Provtoua day'a opn lot. Calls 2317, Puts 1357
Volume. 1*7

UfflE— EURODOLLAR OPTIONS

Sim potota of 100%

Btrika Calls Last

prioa Doe Msr June Sapt Dec Mar Jura Sapc — ^ J?

9330 033 039 032 — 032 0.12 038 — Pillinftmin^a

9936 am am a«s — om 0.10 03 * — \AJU1CXCIILC

9330 030 033 0-60 — 0.09 036 034 —

83.7S 032 036 ffl-37 — 0.16 038 0.5B — I

6430 0.19 036 037 — 03* 036 a71 — LUIIUUI i

^ ?£ am °*1 8 = §5 a« - 30 & 31 October, 1986

Previous day's open bit CNIa 1309. Puls 1386 wvawwi, >vuu

EsUmatad voIubw, CaBs 46. Put* 20 -

4S2 RAH Areone. NY. NY I00TS
4a AjQSbtc ot

A >16 IHUkm O suunUI Btok

FINANOALTIMES

CONFERENCES

The Fourth
Professional
Persmal
Computer

= London

US 1342043546 134*633466 038-0 35c pm
Canada Z. 0021 -23137 ZOTIO-23120 034334c pm
N sib bid. 33TV-337 5 , 3.35^3 36S iV-IVcpm

Balglnm 603931.7* 61.8031.70 T7-110 pm

Dsnmsik 11 ,08V” 31 1 11 30^-1 13D. Sore pm-*idta

Ireland 13700-13696 13880-13BM dlS-QJSp cfls -231 O29330fta -

W. Gar. 233V2.983, 236V-2374. 1 VISpI p» 032

Portugal 21133-31432 212.13-213.73 70*1360 iSs -836 226-S7Sdia -

Spain 19333-19631 196.14-19632 2B-46e dia - 2.16 E 6 - 110 dla -

Italy 2OZ7V20S8* 2049V20£0>> par« Sf» dbt -136 S-IOdls

Norway 10.63S-10.7S 10.71-10.72 3V4>«ora <S» -4J4 tfV-IIPftla -

France 9.603.75* 9.71*3.72* 1*-1*o pm 1.77 S*3pm

Swadan 9J99VW37* W.04V1036* VVre pm . 037 2*2pm
Japan 222-225 223*224* 1-%yj»m 632 S*2*pm

Austria 20.96*2031 ' 203830.91 »*7^gre pm 4.77 2*-23SMn

Switz. 233^-231* 230-231 ftr-1cp« 6.61 3*3*P«i

Balgran rata in. tor e otn att H M rattan. Ftonndnf franc B23M230.
Sis-momh forward doflar 3.00-236e pm. 12-montft 5.73-S33e poi.

DOLLAR SPOT— FORWARD AGAINST DOLLAR

% llllii % w atl | (M

pj. month* m. W 1 "

335 136-131 pm- 434 ■ .

1.73 0363 30pas 1.74 atorllng.

4J99 4*4*M> «39 U3. Dollar-^

2.73 51 -42pm 332 Oaradtow Dpl.te’-

— i*-Vptn 035 Austrtsn SolilHlrtg

-231 OftMIftkfis -1.11 BaWan.Frano. —

Bank Of Morgan
England Guaranty
Index Changafi

1.74 Bterili

632 4*4*p»n 134

— 636 226-l7Sdto -633
-2.16 6B-110dls -139

-13S 3-IDdla —137
-434 0*40*619- -330

1.77 6* 1 6 pm 239

037 2*2pM 030

632 3*27.pai 636

4.77 26-23*oai 4.76

S3i 3*3*001 an

Sterling. —

UJL Dollar

Belgian Franc-.
Danish Kroner..

Danish Kroner —
Deutsche Maric~*

Swlaa Franc

ouiioar.

French Fnute

Ura *

SaptO spread OosS One monte

UiCt 13420-1 AS46 13466-13405 P.«B OjMc pm
Iratendt 13306-13800 13366-13366 030030c pet
Canada 13000-13885 13870-13660 03S436oiflS
NetOInd. 23900-23215 23185-2319S 0.16JJ.140 pm
Belgium 42393230 423032.60 3*5*ocRa

Damawfc 736-734* 7.73*7.73«i 130-210oia di

IV. Oar. 2328033640 30605 2.0615 037-034pfp«*
Portugal 147*148* 148-14B* 100-1 40c dia

Spain 133.67-1 3630 134ft>-136ft> «030oifls
Italy 1401-1417 K14*-1«6* 5-7* lire «a

Norway 734-739* 7-39*730* 430-5 JOore d

F/anca 0343.71* 0.70*031 139-130adbl

Sweden 639*635* *33*834 ■ 1ft2ftMd

Japan 78OS0-U430 7M36-1S43S O-tn-OMypm

Spain

Italy

Norway

Fiance

Swadan

Japan

DftMl46o pm *35 136-131 pm 434 1

030030c pm 639 230-1 30pe> 6.12 tterilng 1 —

03S336O ft* -2.12 0 36-030d ls -232 U8 6-~

O.TOO.140 pm 231 037-0. 42pm 0.77 OmbAmJ I

3*5*o da -137 1M«. -132 ^

130-2.1001* dis -2.00 BftMUSdla -336 ■»W". F r r -
OZ7-OL24|pf pat 139 0ftU)L78Pa> 131 D-nl«h Kr-

100-140c <Ua —932 316-41 6die -0.66 1

BfrBOcdto -634 1«M30dia -634 SL’rJTfyZ
5-7* lire dia -SJ1 1SH21*<8s -6.80 jlrn.

430-5 30ore dto -*39 1430-153M -3.18 Ven ^
139-130adbl -232 SftMMMdta -2.W Norway Kr.

13O330OW (He .—*38 6.60«.20dle -*36 Spen'h Pta.

*39 Van I SlflJB I +61.2

OM L - — ^ —

Morgan Goaranty cbsngaa: Avaraga

* 5 1880 -S 2 -W 0 u Bank at Engtoad Index

fbaaa aia tau a WS^UO).

CURRENCY RATES

T iBank Bpwilal European

* Sapt. 25 rate Drawing Currency

Ez: I % Rights Unit

CHICAGO

THBEE-MOMTH EURODOLLAR (IMM)
« 1 m points of 100%

Latss High Low ftw
Dae 9231 8036 903* 90S

March 90.7* 8030 9X15 W.7T

Jon 9036 9037 9239 «3*

Sapt 9033 8033 8B.19 «.«

dST 9235 8236 *231 VCT’

Maidt — 2237 9233 923J

Jim 923* 92.10 9239 6234

Sapt 91.72 81-72 91.71 91.M>

CERT. DEPOSIT (IMM)

81m points of 100%

Lstse Higb Low hw
Sapt — — — M

Use — — — 9430

LONDON

TO ROE-MONTH STERLING

ST“ 20-YEAR 12% NOTIONAL GILT

1 ES0300 32nda of 100% ^

"pSir Clore Htgb to m Frmr Marc

Sapt m -10 112-13 112-13 411-24 Jim

DSC 113-13 113-14 111-16 411-25 Sapt

•sag March 113-OS 112-13 112-01 Til-17 Dae

*LT5 J” 113*9 — — llt-n Mare

go ^ Eat. votiane 16306 (10378) Eat.

BO Previous day's open hit. 14322 (14339) Previ
ay t i Baste quote (etean cash prioa of 13% =53
5t» Treasury 2004*8 leas aquivalant pries

of mar futures contract) -4 to 4 1

(rtnds).

— 10% NOTIONAL SHORT GILT 9?°

JPf* £100300 64tf» of 100%

Dm

Ctosa

8833

Web

8930

Loot

89.19

ft**

8927

March

8030

88.80

8930

803*

Jim

89.70

89.72

9930

8036

Sapt

69.65

8937

8935

8937

Dec

8938

(US

8830

—

March

88X7

80X8

8936

—

Eat. votainM 6345 (4317)

Prwrlwa day's opart 1m. OftS (123*1)

THREE-MONTH EURODOLLAR
Sim points ot 100%

3*5*o cRa

Guilder. 1

French Fr_j

tan 75330-»4ft) 78436-15435 Ott-OXOy pm 0*9 (ME-AdOpm 7.70

Krhr 74^7-1432* 14.40*1431 1**«m pm 0.68 Z**pm 032

n. 1.6365>14CV 13896*3605 0J»4UMc pm 132 Q.79*-74pm 136

.1 UK sis! Ireland .at* qaotad in US- cmre ncy. — f orw a rd-, prewhiaa -and

d laco owt a apply to Vi* US doHsr and not IP tha Indlwldoal cu r renc y.
Belgian rata is tar convarGMe Manes. Financial franc 42304300

1.70 *w •cflafiXr.,
032 Swiss Fr_~,

S* 130735
8.63 ■

4 173436

8 513037

7 031108
Sis 047086
4* 8.70200
9* 8.00825 536144

18 160831(1) 1446.01

Big N/A 157374

8 838817 7 .BSD 15

— 158307 1373*8

8 035B4S 730043

4 13*594 1.68802

EXCHANGE CROSS RATES

Swiss r-r_~i * i.hhw

Greek Drohl *Dit 164J09 j 159300
, Irish Pua*.L— 6 39174X1)1 0.758093
• GS/SOR rata for Sapt 22i't3*l’9B~

OTHER CURRENCIES

Close High Low ftav

ume “ 2S sapt SF37 sms

US IREASUBT BILL S (EMM) Dec 07-34 97-35 97*5 97-22

Sim points at 100% Mmtfi 07-34 — — 87-22

g Hloh Low Prav ht vohano 317 (90)

Sept 908 5*31 84.78 94.76 F w dtaua day's opart fat 1348 (1399)

Dae 94.73 04.76 84.73 94.70 yr^SE TOO INDEX

March M3B 94.71 *447 9435 £25 par ftdl Index point

Sapt 9433 943* 9*33 04.18 Chrea High L«V Frav

— «7m Oae 1 164.75 16830 16430 165.10

5^ « S.19 BrtmJEi trt.7 ” 168 - 10

KSSSi'mSIte 1 iffi? Pterion, day, opan U xxn 0316)

n r^rr. ""OTrxf = us treasury boasts

•% 5MOLOOO 32nda of 100%

Dm 94-16 94-26 94-01 93-19 j-— _

M ai oh *3-20 83-27 63*4 0341 - “j? oi2e aSS

Juno *2-21 0328 *2*7 *t-« gj* ■*** «-1« JMO

Cera (kf_vo M/>| Df.in <ftl J9K. M*rc* M- 1 B •• •• BMu

Dm * 1*2 81*3 0037 *0go ^^ryy,.!!Tr irmi t 1

Mamh 80*0 60-11 90*7 *0*6 Pterioua day, open int. 6320) ( )

JUM 99-15 99-15 te-15 W-15 — ■ — ■

ten 88-27 8*-27 8*37 87-Z7 " ' ' - ■

Dae •**• »** ■**• «*• f •

'March — — — I

PM — “ •Ml I

Clara

High

Lo«v

Prev

Dse

9331

8334

8337

8338

March

83.77

9330

88.75

83.7*

Jura

8336

9839

9332

sxe

ante

8334

8334

63.18

03.10

One

9236

9233

8233

92.79

97*3 97-22 March 82.48 9234 9244 8240

— 87-22 Eat. wohmsa 4,798 (5.057)

Pnmioua days ooan ml 5320 (22.736)

STERLING INDEX

8ept22 Previous

For IntoanaSon phase return this
adraribamart togrther iritfi your
husbess curt to:

RnandolTtoaos
Conference Organisolion

AUBma&wly,

telephone 07-62T 1355
tetoc 27347 FTCONF G.
fax* 01-623 8&14

Oflshore &HK
Companies

Company Notice

r SOCIETE ^
GENERALS
$ US 300.000.000
FLOATING RATE
NOTES DUE 1996

For the six months,
September 15, 1986 to
March 15, 1987 file rate of
interest has been fixed at
8 7/8 % P.A.

The interest doe on March
16, 1987 against coupon nr
2 will be, for the
dcnxxninatiotis of
S US 10.000, $ US 29 7.01
and, for the denominations
of S US 100.000,

S US 2.970,(4 and has been
computed mi the actual
mmiber of days rtapsed
- (182) divided by 360.

THE PRINCIPAL
PAYING AGENT
SOCIETE GENERALE
ALSACIENNE DE
BANQUE

15, Avenue Emile Renter
LUXEMBOURG

NOTICE TO HOLDERS OR
MtTStfPKHI ESTATE COMPANY,
LIMITED
USS5O.OO0.OOO

ltt.% NOTES OUC IBM

MITSWnsMI ESTATE COMPANY,
LIMITED
USS50.DO0JHW
10%% NOTES DU E 1992

NOTICE 15 HEREBY GIVEN fat Irma
2SUi Novmbar. 1B65 oar «Mno MU

^*“55 Snrare sum.

EC ^HE^M'rTSUBlSKI TRUST
AND BANKING CORPORATION
baton d» Paying Astvt
MITSUBUHIESTAn COMPANY.

LIMITED

fo The MltWbbU Bank. Umnad
as Fiscal AObm

U4. 575.000300

GRUPO INDUSTRIAL ALFA &A.

FLOATING RATE NOTES DUE 1080
For tba three raonoi interest partod Irom
Uth Sap te moor, ins la 24th December,
19B6 the Notes will carry an Interest
rata of 10 % ml and the coupon Amount
per 114310,000 wHI be U43252-7B.

CREDIT SUISSE FIRST BOSTON LIMITED
Agent Bank

Personal

COMMUTING WEEKLY! — Exdalh* use of
Luxury Flat. EC2. Monday to Friday on
a snared m m m u bails. Telephone:
0897 8T00B5.

PUBLIC SPEAKING treJnins and speech
wrIUre tar award winning public speaker.
01-451 2292. First Nason free.

I n empta B o Bj aul m euegwi reif h Ul ^

rmmtlburie, OtaMttsr, Hem Kara.'

01-451 2292. First Nason free.

THE MARRIAGE BUREAU (He
Jenner), 124. New Bund Street.
01-829 9634. (ESC. 1S30J Po
Service.

TO IMPROVE my EnaUsh I am <441 took-
Ina lor OCM friettfc (EauUsh. bMrilth/
GentiartJ. Men (red GUtosdt. BM*.
Wrasse U. D-7530 MnjMm.

Personal

846 am

69.0

694

940 am

60.0

694

10.00 am

694

694

11.00 on ......

694

694

Noon .........

694

694

LOO pm ......

694

69.4

2.00 (mi ......

694

694

3.00 pm w ...

69.5

694

4.00 IHB ......

69.7

694

40muifPtaamia.niwuysi. hlaalMaa I /ir.,|L„

Trfi nuipisa (i — ti rrn« f CftfW

rwe» rawii a elect a ■

London rspresaatattva: I

2-4 Old Bond at, OfttaO I

L oa dusi WI I eve has outlived the others iw«m of a

TU 01-483 *244 VftjW I policy el lair oiay and mot for money.

1 1^1 HIT nr m nun J Supmw tram, 10330 om. Disco and. too

L. 1 — *- mu ocblpn a m oiuwcibot. giamorouB linrann whn

^■tehmmwwreo^OT a urej i i ow A in, Regent it, wi. ot-lS

• • • 0557.

IfhlHFi.

1440! 8373 1 8844
U 8381 1544

t | aeso- i. | >351

dm " ! 0,839* Q.4B7* 1. _

DM 0,358: 0.4BV 1. 1 75.361 5371

YEN 4444; <L46B | 1337 { IQOO.j 4331

FFr. 1320; l.40l| 5368 1" 830. 5 10.
SFr, 0.41* 0.608: 1,860 1 08. 14 434

53*w 805a 8311
*3101 141&J 138*

3,407 8100.
1^87 858,4

CURRENCY FUTURES

, POUND— S (FOREIGN EXCHANGE)

AfOtlm. 13286-13515 13B1D-13MO TTTT .VL w.

Aua’alht- 2398&-830B5 1 3835-13885 1*^7 TotS MBzi

H FT. 0398! 0.431 a 805 60.*7{ S,®S3 0.716 1. 810.1 0,

Lira [ 0.488 ‘ 0.7071 L.460 10fl.5| 4 l741| X.17B 1-<M9 1080. 0.

C 4 04*71 0.780) 13781 11X^4| 4^«J 1.1*5 1.070 10». J

BFr. I 1.8881 8350i 4,888 36331 1B.7T, 5301 *380 83B6J *.

Yen per 1,000: Freach Fr par Kfc Ura wr 1.000: Selg Fr per 100.

EURO-CURRENCY INTEREST RATES

810.1 039M 1835
lOOOJ 030X1 3037

87*3 Brazil — 1038-80.10
_ Finland— (7. 1413-7. 161

!5Sx- J ,11W

3007 Lux'burri
■■

f&S Sa^i?:

— SB*

SJtf

■BOTWe • Sailing rets.

13.77-1534
3800
3G.3S
3018-7303*

13460 14444 13337 13188 ,13822

IMM— glHmMQ *Ff»

Latest High Law .Pray
Deo 14385 13410 13290 13300

March T32B0 13280 13110 13206

J>m 131*0 13160 13650 13070

UFFB— 0T8BUMO 42*300 * par C

Latest High Low Pte*

Dae 13400 13380 13300 13440

March 13268 — — 1 »

Jura 13108 — — 13160

Eat. wohhna W8 (TO ..... I
Prawloua days open Ira. 988 (8*4)

APPLIED

SYSTEMS

DATA

LIMITED

t«nt ss snort
B * pt3ta term.

Sterling 0*B>«
U.S. Goiter- 1 Bit*
Can Defter— i &V5ta

D Guildar 7*a

8w. Franc— M
Dmrtrehmrfc 4*4 ^
Fr. Frann — vta-Big
Italian Lira-. 10.11

RFr.rfmi — S!* 71 *

03r^Con) - ?V7»«

Yen 45s4S«

D. Krona— BH-10
AaienOfSng) 5tj-*A

J 7 Days
| noUo*

git -011

0U-5IS

0»b*hs

MU

1113

ZOia-iOM I lord-ioog li

EMS EUROPEAN CURRENCY UNIT RATES

lDc-iSii 1 lift-:

.SRisi

7taftle 74*3 .
31-llft 10*114

04-104

BelgHn Franc
Danish Krona ..
German D-mark

5 I“^hL eHH&w FnBlrtl Fr,f|c —

idirfO** Dutch Qulldsr.„

Long. term turoaolUra: two~yoars tSVTH par caaC tftrea yaats 74-7 1 ! pw
emc tour yearn 7?.* per cant 5va yaers 7»w-8*ir par cam nominal. Short-term
rams are call for US Dollira and Japanese Vatu othare, two days' notice.

Irish Punt
Italian Lira

Em

Currency

amounts

.% onengs
fro**

oahtoal

agatoatEco

cMitrei

re***

Baptsmbar 23

rets

<1.1138

4X3732

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739T1S

+096

2.11083

230278

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±1-5368

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±1-3069

±13069

±13893

±4.0734

Changn are for Etta Therefore positive change donates a
weak currency. Adjustment calculated by R nan dal Timas.

MONEY MARKETS

London rates continue to ease

INTEREST rates continued to
ease on the London money mar-
ket yesterday, encouraged by 0
late recovery by sterling from
a weak start Trading was gener-
ally quiet and although the
Bank of England did not appear
to give enough assistance,
according to t he forecast short -

UK lending bank base

lending race 10 per cent

age, overnight funds fell to 7
per cent at the close- Three-
mooth interbank finished at 1 ©i-
Ifl* per cent, compared with
10A-10A per cent

The Bank of England forecast
a money market shortage of
£100m initially, but amended
iMt\ to £ 20 Om at noon, and pro-
vided total assistance of £123m-
Before lunch the authorities
bought £98m bills outright, by
way of £4m bank bills In band 8
at 91 per cent end Bin bank
bills In band 4 at 0 H per cent
la the afternoon another £25m
bank bills were purchased in
band 3 at 9f per cent .

Bills maturing in osczsi
trend* , repayment of late assist-
ance and a take-up of Treasury

bills drained flfiSm. This out-
weighed Exchequer transaction*
adding £20m to liquidity and a

HONEY RATES

i Ops , Two ■ | Thraa | ..51*. Lombard

*•**- ** J O^f-fitgt Moptti } MonUre j M*"* 11 * 1 Mwtiw *"^*8

“

fall in the note dmilation of
£60m-

In Frankfort the West German
Bundesbank drained a net
DM 2bn f rom the money market
at yesterday's securities repur-
chase agreement tedder. The
Bundesbank accepted bids of
DU 4J3bp, for a 28-day agree-
ment at an unchanged rate of
4£5 per cent Banka will
receive the money today, when
DU 6J5bn It withdrawn from the
market as an earlier agreement
expires. Banks bid for a total of
DU 19.£bn at the tender. Dealer*
believed the draining of funds
was technical, and had no bear-

NEW YORK RATES

(L&ndftbnc)

Prim rata ’

Broker loan n* . MWm . I
Fad fund* ...... — |

Fad tends at latenmtiafi _ I

Treasury Mils ft Bonds

Oita moettb ....... i

Tyro month I

TftrM Bmth ~ ~ I

She month I

Om year — . i

Two year — - — i

Threa yrer 1

Fo« yrer — — '

Rv* yrer — '

Seven year — —

10 year — — ,

30 yatf - —

ing on tomorrow's Bondesbank
couhcil meeting. Mr Karl Otto
Poehl, president of the Bundes-
bank, is to delay his departure
to the meeting of central
bankers and finance ministers in
Washington at the weekend, In
order to -hair the council meet-
ing, but dealers continued to
doubt whether this indicated a
likely cut in West German

interest rates. Money market
liquidity has been reduced
recently, because of tax pay-
ments made by banks on behalf
of customers. This has increased
the holdings of nubile authori-
ties at the Bundesbank by an
amount estimated at tfrer
DU 12bn, and this money is soon
expected to find its way back
into the market

SCHHODERS decided to
install the BETA
DEALERPHONE SYSTEM
in their London Dealing
Booms following a detailed
study of the dealerphone
systems available. Hie use
of the BETA SYSTEM,
wholly designed,
manufactured and supported
within easy reach of the
City of London, has proved
to be the right decision.
Only recently a laige
expansion was commissioned
which enabled SCHRODERS
to meet the exacting
demands in their market
place with reliability and
performance*

Dealing Room at SCHRODERS of London

FT LONDON INTERBANK FIXING

(11.00 auRi. September 83) * Kx wiitta US dorian

Tbit* tnoMfca 118 donate :

MS Offer 6 to

bid e Offer 6 4 i I

ra f arene* bank* *t 11 are aadb working

Tbe faba rens are tfca arithwltfa day- Hu banka are HattoBBl Waamln-
aarg rmrndsd id iba naaraat om- afar B a n k. Bank bf Tokyo. h*««oka
■faettantb. of tha bid sadl o&sred rates Bank. Baoqo* Nsfimala da Puts snd
for SUM grated by the oudear to Ova Morgan GwnlMy Tnun.

LONDON MONEY RATES ^

Baptambar 95

over 7 0aya I I Thraa Stx Ona

night nottoa Month Month* Month* Yaar

Applied Data Systems Limited design and manufacture a wide range of telecommunication and
data systems in use by Government, banks and industrial customers throughout the world.

An the Company’s products are designed and manufactured to Ministry of Defence Standard 05-21
in a modern, “ clean-air,” air-conditioned environment and supported by R & D and Engineering
Departments with in-depth knowledge of telecommunications systems.

Often unmatched in capability and economy, the design, manufacturing and maintenance responses
are geared to swift and competitive development, production and delivery schedules for small,
medium and large contracts.

Applied Data Systems Beta Dealerphone equipment is a highly sophisticated proven software
controlled communication system specifically engineered to meet the exacting demands of many
banks, dealers and brokers involved in complex and time-sensitive transactions on the international
money market

The effect of introducing the Beta Dealerphone System allowed Applied Data Systems limited to
develop the concept of total turnkey projects involving a number of facilities being brought together
into the dealing desk positions providing each and every dealer access to all required facilities at
the push of a button.

Intarbank
Starring CDt — ~

Loeal Authority Dapoa ABta

uaeai Authority Banda —

Discount MM. Depoa 7-0

Company Dopor-— — 73

Fhuinaa HouasOapos ~

Trasaury Bllla (Buy)— —

Bank MO* £Buy).~-_ —

FlnaTrada Bln* (Buy) —

Dollar CO* —

SDR UMwd Dapoa — —

VBUD*W*~ ~

IHr-0Il lOlfrLOH XOA-1

igSMSliSS

89* 104 101

05a 0ft -

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LOft-lOTS

LOta-lDJfi

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6*-S* 6J»^

flViAraiirtirai'l"

^=='dai!Ml =

U07fo ■ 710714 p074 i

SSij - ss

S&870 — 4.78125
»a-ix - 10 VII

ID-lOUXOi^lOlfl 10ig-ici«

xi-insS —

^^freMmr^l^forti): «« no«H Vt par rent thm reomba v»t
Bank Bin* (sail): one month tPW 1 * par eane thraa moo tha 9 Um- 5 u » P*r rent-
Trauiuy BUte: Average tender rate n diacoum 9.6885 par earn. ECGD R»d
Flnanra Bebama IV nrferenca data August 8 ta Saptambar 2 (tod u* ivo): 8368
par cant. Local Authority and FinSifoa Houaaa aauaa daya' notiea. othare amraa
tai> juml Finance Houses Bite Rate 10 par cant from September 1. 1W6.
n«»i> osB&gft Ritas for aunts at aavan day*' notjat 4J5-457B oar cant. Cartm-
utaa of Tax Dapaah (Sariaa 6): Dapoaix £100,000 and over bald radar one
month B*i oar cent: ona-threa months 3% par cant; thraa -Six month* TO par cane
tJx-Aina months 10* Per cent: nine-12 months W* par cant. Undar £100,000
gi, ptf foot iron Saptambar 23. Daposita held omter Sena* S iff* per cant.
Deposits withdrawn tor cash Pj par cent.

Parallel data transmission for fastest tine
access.

Flexible modular design. Systems configured
to suit your specific requirements allowing
easy system expansion.

Line assignment and re-assignment under
software control enabling rapid re-con-
figuration of system by the user.

la-built fault diagnostics.

All systems are supported by immediate
service and maintenance to BSI approval
standards.

A track record of proven reliability world-
wide.

Tm APPLIED DATA SYSTEMS LIMITED
North House, North Street, Carshalton
Surrey SM5 2HW
Telephone: 01-647 6628

Please send me details of the BETA system.

Name. *«t4MI4»IS«»»|#tM>m Company., »»rol»4f 000000010 000 eft'

Company address

... Tel:

• I
i

38

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LONDON SHARE SERVICE

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BANKS, HP & LEASING

a?l!»

i rate on projected Mtattoa of Q) 1096
(2) 5%. (M Flgam In pwarihaea dm* RPI 1 _
le 8 months prior to Issue. RPI for Jtauary 198(v 379.7 and for
1986; 385.9.

I NT. BANK AND IFSEAS
GOVT STERLING ISSUES

U6Vj 94*JMric» D. Bk 11 Vln 2010_J
111 91b tataDRBkinpidjdD09J

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104V 101 V (Z14Vpcl987

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lim 99V Do 11 2014

113*, Swede* 13Vf>e Ln Z01D—J

939 DolIpcUMU

CORPORATION LOANS

1064J —

1132 1133
10.90 10.96 I
1103 1128
n w 7133
! 10.97 10.%

hi I uua 1007

1124 10.99

___ 1987.

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COMMONWEALTH A AFRICAN LOANS

944J 79 hz 7Vpe 1988-92

201 (192 feRhodZVpetta+AsBd-J
79 72 Do. 4Vpc 87-92 And.

249 1 174 (ZtahriMtAM(OQ0pilJ

LOANS

Bumtag Soctetiu

lOCft) 9B6br»td* 11VPC 200 006— 100 ^L

1016 986 DB.UVPC 170106 llwX—

noil 97V Da. u£m 150206 10«3Z_

100,'. 99, v Da 12ac 12007 ISO,'.,

102V 994 Do. 12tlpc 9.207 180tt—

1024 100V Da 12 Aac 2307 1DCU— .

100V 100 Daiovpc6«07 1B044 —

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linv 99V Do 9ftc 18307—

UDA 99V Do9Hpc 15607.

100 99 tt> 9(1 6.707

100V 99V DalOVpe27J07
10041 4W Da 10VPC 17007

Public Board and ImL

90*J 79Vj*OritMv5pe'5909 j 87U._

46W 39 HM.Wtr.SpeV— — -J «UL.._

Financial

301*4

305*z« —

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10.46 I

1LX 10.47
1161 1030
lie* in r )c

11.9;

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1232

10-49

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173 Bank’lrtbnd b£l— j
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220 HcLenPIUlOa— J
365 McScMtada
433 tardaysO

32 Bentmwk20p.

410 IniwnaUcra
103 SntasMMTst
302 later ABe*£l_

67 KtswcerySemtfii

33 3htDscMH20p

47 tan-BkalWaits .

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3b taak’s^HMsliOpJ _ 1
123 Kta* Lease Ft* UOp^

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17 partly & Gen 5n

1 07

70

9.9

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290 Umershara Inn

177 ,

£75 BA5FAGDM50-ZI
105 rTPlOp
£77 taper AGDII50,

100 Daodenlxh. ,

112 BmaChemslOp— □
58 BriLBeuallOp.

83 taantnglWJ
246 CoakeGnap
135 tales Bros-

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CHEMICALS, PLASTICS

’ fi^trl+lVl *03334 9

147

160

595

210

129
278
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19

265

243

ISO

177

41

369

318

143

57

225

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115

130
390

53

345

210

76

343

256

72

180

138

79

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90

82

115

52

365

50

460

212

146
445

147
100
85
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34 Mcorti Cnw 1Q>— J
185 MlrCafl.

120 Mdunerlc . ,

18 MaierEkslCinp^J

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200 Moot'd H'grapUci5p

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138 AtdoVedSec.

241 BKCSOp—

63 BSRM10O.

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128 kSoSadlnti
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88 HriUlSp
75 MtftnPaS(c.lOp J

[80 3riust)T< ~ ^

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11 higta W5p,

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180 CAPKfe.

64 USEGimpZOrZ^

125 KmiCTOrtHBlk-,
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192 Cndiridge Dec. ....
83 FC+edipaiHEarapeJ
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203 Concap5p

31 KonMuflHIdtLSp

Financial Times Wednesday September 24 1986

INDUSTRIALS— Cnrtfewd

wTuw j S iey!5J.w

ITtiiMa Alncta Fin 7*^! Sf - ,

ENGINEERING— Continued

[■+ Bf} OfW

I Price

n

41

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170

m lev
620# 20
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58 TwobardnA HW.
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96 CVtaaSarSOp

380 Coben(A)2fe 1

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72 took (WhJ 20p

22 Cooper (Fr) lOp

225*2 1 40

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4 Koe.Br. EH*. to-4
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135

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215 5ata BrO L1200 — 257>5
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MO

101 iJEtotog Electro 5p_j
360 □ect'cHtaSlOp
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85

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1 130 r*-*

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220
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BEERS, WINES & SPIRITS

ABM4.ians

jCoats VjyriU

20p— ] 488
1** .

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109

95

114 ,
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102

82

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80V**-.

1009 900
1L29 1020

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1105
1045
1050
1058

FOREIGN DONDS & RAILS

1986

HD Law

21

92

331

95

161

892

84

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AMERICANS

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16.73

1600

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INDUSTRIALS— Contfaued LEISURE— Ca

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Da.4>9ccCiiLnl9M.

lenR6to.£l

taiMAigi —

Joee In. IflC-lOp

De.Cap.2p —

KQfdaBclBT.SOp

KMntotCMrter —
OetawurtOaftt—
QHtotartO^mTa—
XletaVnrtSndlerCcs.
Ltocs-fttodniia.-

LavOetafSsra

Led* to). tacBOft—

Oa.Cap.5p. u

Lm Ariandc _ —

ln.ftfiari.50p

UMLtStndEftde —

tnakmTml

DgWMfls

Lowtortln — —
It SGDurt l*e.lOp—

Da.Cap.Ufe

to tod Dai to ltft_

to.2Bdtox4o

h'tarteAdr.S.Tri.n
ltart« Carie P*t 50p -

Dn.W 2 rr*rt.

laetaMalnr.— —

literdants Tri

Mid Wrod lar.Tst —

WHBhMa

NoaqatetaLTo

MurajrncotaeTa

to8..- .. — v-

^.=

H^StobOtaicEts

tofl-

HwnpVMiMB--—

Mewfco.bw.Tri.5ife

New Carat 50 p

M i a n u e ft OITri.—
belftipto ■
to to.

, to Hew Writs. — »L
Me^TOlVntoLiife—

^HnTriHfe—
Ml Matte See- —
m*.M.cmtoi—

North Sea Asrt* 50 p.

DtoaMHw. .

PadGcftraeBTaSfe
to Ser. 1 WanactL.

Parific In*. Td

towanaau

FtoWraBotoFririSA-
PmotoftHrtslZtjp.
PbrarttoiTrara

R)^tl&lB.to

PWllBIBftdPiep-

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Itoer Hate tot-

•SlSZSt:

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toSto.Sto.FLl_

RstaacyTmu

RMDNVFUO

SL Alton* TB—

St DafcTs Id, Tfe In-
to to —

SPUT lac. life

Split G ap life

SPiWTSOp

to warm

to Cm* Pig Prat —

S fce. In

Oja'ti

sca.-EtoLlto

Seaatttae

Scot 1 Mere A

5cat.K0rt.6Tri

310

3HW
Z8S +1
47 —

Id LO 10
121 U 23
307 Id 45
21 Id 3d
232 LO U
36 LO 2d
LJ U 0.9
40S 20 22
41 10 22
43 10 3.4

RBrpoa 08 Gas 10p 70

»BebfestriS0S_ 2 — i

Bramah Cl 362

0a8l3edli.91-46- £84 -lh
ttcatedoaiaaona. 90 —
Cariev Capri lOp — 55 -1

Cotor^lDp U7

toutoriISp 2ft -1 .

Chevrta Cfo. S3 £29*2+*!

PClaraaoUPetMU 38

tOttOO 30 +3

NfeMtonris ft +2

CtrdePrixateum 37 -3

pComattPet-Nd. 3
UCaeragPriitoBs- 153 +3
pCamnBfcridbrttaZl 102 1-4
For Cm tat) Pet Cpn tee tall

pCnsader — 73 +10

»Un^0B66as_ 73 —

tt&jnMOarais. 15

ELF OK 121, Ln £U8n +A,

EaravCtoitatl^F. 22 —
KEJUX.n.75 - Mftr-5
EdanriseOS 131 +1

15LJ Id 3L5
FL5 10 SJb
2.4 ft LB
26 LO 10
14d IO 40
F6X ft 54

2.7 ft Id
*5 7 30

Sec. *UI« Til —
Secari Uartzt toi. 5p
SeonttesTadca.—

Stuns In*. 50p

, to llic Carta 20034
SraafierCafaraTa —
or Smart £st Im see
rmid BiFxs- —

TMAiBtrtfiaThisLlI
IB OQ ol Lraton DEL—
TR trrt, & General —
TMMtonl RimrCB-

TH Mar* Araerica—

TR PariSc Basta.

TRPmp.tn.TsL

toto-Q— — J
Tfenfeto He alhat. — J
toWrarants

Tor.feeess.tnc

toCap

Trtts: Oceanic

TrfehaeBnesi

TrfeMest Iae50p — i

to-Capialfl 1

UStoCap 1

MtoeftlacoraeTdlOp-
DoHn cCeW Pl —

Wemra Ira.fl—. ., ,
WtoPlira. . .. .

toWanaras . —

198 +2
£107 -1
79 +1
Vato&lfcaa

265

US -1
90 +1
110 +1
286 +1
12 +1
93 +2
164 —
175 —

Mount — 70
bid Id 30
i24jC 10 7.4
2D LO 24
15.95 LO 20
22J 10 7.7
UU 23
140! LI 23
1BJ Id 30
taOtt - 02
*25 LI 40
030! L3 9j6
«U1% — 008
lttlOlU
Tina

QL5c ft 64

t2d5 L3 34
F4.1 LO 50
W U 20
*403 Id 40
10- 0.9 20
U Id 09
4JC U 30
li 10 20
40 LI 3 l4
53 U 50

652 OA 30
0.1 08 L4
6*»% — 90
2i IO 70
4224 Id 52
bL63 U 23

1986

m* io,
219 163

610 450
950 875
56 27

IBS 130
107 65

116 X
116 26

373 240
50 23

tt 19
34 23

71 56

61 45

£B6 £75
05 320
900 190
ltt] 153
365 252
US 14*j
% 62
£99 £79
137 95

130 90

M5 114
60 41

4th 37

£10 530

123 66

140 90

206 152

235 194
244 199
123 105
163 70

74 S3
59 31

70 25

002 £60
za 153

50 10

a 5 *]

17 II

30 9

32 10

*zn 155

90 a

36 27

17 6

385 322

688 ae

90 73

20B 101

79 18

a Ilg

419 260
£92*2 £77V
310 B5
105 <8

150 83

32 9

£31*1 £22*,

63 27

90 25

7 *,

65 30

6>j 2h

167 23

176 94

42 22

216 142
M3 94
60 30

MTV £35
45 45

a ita
55 23

95 75

60 36

90 55

325 200

s a

120 40

50 16

£U>« 645
205 48

152 100
004 £88
53 21

493 273

074 am

115 43

55 22

160 104
37 4

26 5

a 10
9 3L

243 88

310 130

115 96+

62 18
HO 43

150 U
5 ll
*Z3 4

48 15

17 16

w

i %

75 30

31 ft

a 9

44 TJ

32 13

no 30

143 80

059, £861

a 11

5 2*5

us a

31 21

2B0 181
£62* 643\
273 132
SO 10
233 119

970 660
77 62

105 130
30 11

*94 18

140 43

S U
£65b £55
£48*, £26
150 43

OOO OO
280 82
30 9

218 125
52 10

88 29

a 48

60 32

<a a
IB 123
106 75

7 31

US, £60*
395 327
455 303

37 a

Z74 184

95 63

.48 34

260 187
260 187
233 130
£98 £70
230 183
50 30

580 555

2a 61
2C6 60

52 33*

93 60

68 43

76 24

92 54

63 33

Sb 34
SO X

8*0 775 tonDsaarsU 840

E19*i 05 -awrieGrp-Q £»

367 287 McLeod (teal a — 335

252 192 toB.4pcOn.Pf 222

7W 725 fcrao £1_ — 750

615 390 bMlaBSBBa 635

Met Pra

rti 22
OKU 00
0701 ft
«OL7 50
405 15
am* 2 jb
005 20

005120

QTTiK 40
ltd 2.9
hfSI Lfl
■625 L3
141 2.9
li ft

19 Bb

Ugh to

240 105
953 444
240 95

962 474
40. 178
996 586
601 313

635 289

£56*! £32
552 312
490 275
820 510
675 410
835 SM

zu in

17 10

1ft 10

98 65

03 350
ms, 630

^ SS*

£40 £21

23*] U
123 70

560 409
66 34

B 20 42
ran, 590
33 18

980 52S
£84 £«6
965 530
660 450
S75 250
£24S 004
21 6
£25 825
42 200
100 5U;

7 l*j

7*a 3
161 64

21 6
6ft 4
8>i 4

V. i
4b ».
19 U
2 6*;

42 1 35
•112 50

137 89

43 18

3® Z2S
a 40

MINES— Continued

I (+w| «*

Stock I Men I - I Met

O.F.S.

Berartx Utaestl 730 -10 ttH5

F0.CBBL field Mc_J 426 -27 Z01M

FraeSutrOer.lDc-J 208 +» 015

HarrawSOc ...TJ 838 -» Q265

LnnlrafU __J 469 -12 075

SL Helena m I 969 -27 Q450,

Uctsri 53Wi -65 0190,

IMtaraMdlfeSfcJ U9W6 Q234,

Domenfl Ml PlotimMt

ItoglBftm Im.Sft: — tStoj+ia 0810
De Beers Dt 5c — HI] 532 -6 tt»

to40pcPf.R5__J 337 -13 Q200

MaUPta-2%— — ! 7« +10 <U»

CfeMttftl Afrkan

L2S1__J 'm til!

Finance

tCflr>SAJL50— j « --

.Am. Coal 50c 075 -22

toAMT.ioc — m -H

utofiaUKI — raft-i*.
toaa)50c___ £35 —

osafettlOp- — 22h-h

rasAJesCort 98 —

kCoKFUtfa 55? -ft

iSrarttoSp — -5

MU to> +25

cor 40c DD — .

JftBaseUfai — 30 +2

JFWtMSJLSc— 975

■at Cons. RZ — _ • £84 +1

die WK 25c 965 +40

omoSBDLdO— 538

» WriS 50c— — 473 .....

llHa.Prt 4 K.RlJ 350 T—

■ts2*ec J 5W*L_.

AtUtraBans

kleen torn ML _J 5*z|__

n-WeaASO0O— 5ft —

H 50c 161 +9

■arte Expie HL_ 8 ..._

aDfl&Mtaeirik- 6 —

LHribntratoallL. 5 —

orafelfaglLI — U —

OTHmRes.NL^ 46 . —

tKtob. 26 «

knraiBes 28 +2

track Hraes 392 +7

ad Carp 224 +5

■gaimfllel Kta- 136 -1

msttckASl — u. 43 +1

A 52 297 -2

r Bdjdttc 52 ..-.

YFataoaOi Prt.—— 17
UHrstoiOaiaa- 4ft
nftoMra^sPria- 18

%

PStaMtoriRes 325

to Pride 29

Greta Western Ifed - 63
VCttrirwiResI— 22
HMUtonOICurp— 805
HHifeSMPartKpa 46

Hadiag Petrel 137

toirWtoLx'97. m

INOCOlOp 30

IO.CM.Gaa — 487
to 8ecCrlU 95200. 067
*tnd Scot Earrff £1. 81
UnLAlbeta fes — 2 ft

WatIPelCrpn 112

JeefcseaEApbJ 5

MrineaiDriMs— 8

KCADriRkfelp 13

itonrtOHASl— 4

LASUO Uft

toto'lOp 188

to9ftpcCl>MH£L 98
+Lo>rtraPet.5p— 21

VtfagrihflPet 67

MtooettoeplOc. 3ft

HltartneilOp 22

pHentoaCMIlY— - 8

ManttPetNJ— 2
4MmmrraD8 5p — 18

PModMoniisozs n

«Korar Firth 3

New tot K*L 56— 10*
NewlMdoaOil5p— 13
WLZtofiilOifiUi. 16
NsafcH^RiKr 25- £Mft
WbSaftfieobta M
•mtrinralOc 3

JXOflrer Resoofces _ 7

UOsmotaH»*ti20p. U
PPetotW 37

flPenemeR**- »

PrtnwtllOp 40

pftoraraOPtCmKL 2ft

incLPeLO 2B

Premier Cans. — . 27

Ranger Otf| 274

nDrrtflBkftflJO-. £62a

PSaraasAO05c 165

ISaeidaraPei5ap- B

pSceecreResi— — 126

SbeBTnM.lleg 9UM

Do.7pePf.El 63

Sifimbne 155

KaabaeaRes.40p. 13

SoratSfeiM— -J 32

taallHOftgalfefe. 43 -2

TRto® 12

tencoftftpeto— £63 —

ToaLOe Fr Pet B_ MSft -ft

Tricnrirot 52

.OollpcCtlP‘9545. £71 —
TrBPoEranpeto — 125 —
<T«k»Res!r5p— U —
IfHraaar VS —

0.7 4.9 ISO

20 ( 45(15

2d 80 60
1 9.9 Old —

wjt&r?

*U|« * 53

45 t 40
14 106 9ft
30 30 90

+ft OEM* 2.4 50 7 J
+4 ttlSt 31 ) 3d

+7 tsi) 20 54 195)
— 4.9* * IDA -
— - W U 55 245
20

650 315
41 17

3ft 1ft
120 4ft
43 2b
» 15

28 7

37 14

60 21
32 17

58 14

205 87

72 40

IS 63
4 2ft
36 12

19 5ft

34 14

145 73

60 25

62 26

35 lb

35 13

124 «

■I?' 9ft

21 9

14ft 7
18ft 8
75 34

332 225
10ft 4

350 IS
14 8ft

11 (X

86 41

ft 3

24 H>
91, 5ft

21 U
60 37

26 U

1$5 113

^ s

21 4ft

195 120
72 19

83 35

650 650
36 17ft
28 15

17 17

225 150

130 eo

130 80

150 90

MO 73

(CrtHgAraraML

tasResllLAS2-

gie Crap 10c

aern Petrel fcs.

Enterprise GM— _

FmatffcNL. —

Gear Exp* Katnb.

Wdl Minerals Hi- -J

ptnSsi Ocean Res.

KBMUeGdASUOJ

rltariroeGHKl _J

pjasaaMfekigSAOZO-]

mUgriOcHdk -J

FtoUtaesML J

MCribvaUia20c I

MOaOnGridHl— J
MOWanerMLSc— J
pUeekBttoTa25c_J
gneoisE*50c__JJ
MhwIferaisNlcJ
pMetraratf Uris 20c '
PM IM Hides 50c__J
pMlneOekMEvtSc.
PMI«aSecs.JA005_

ttrExpInML—

■AadklbgA»25_

mcatf!25c

mcaRerintesKL.
bn MnrtEnSni.

33 —
22 .—

122 T

19 —

U -1
D —
40 —
332 —

Ml Gotanel* U -1

■AernPad&c — 9 —

often Rex 57 -2

rftanVeftits25t, 6 —

B«to'n »*,+*,

on to 20c. . _ 9 —

■rasMaqASLS 28

dCftdfilMr.Ml— 68 +2

ea Coast 25c 21 +1

estran Card 25c-. 9 —

BLltH950c-. in -2

MraCranaK — 174 +4

rtRHQtr^Zd 38 far

11ms

rHtoSin— J 135 (-15

nr — 38 —

tag Bettd HS05D. 48 —

gkMi g -■■■■- — 6583

^%.10c— 22 “

tot 173 —

ftabnllfe 17S3 —

iliMSUl 95 —

jdtoSUl MS —

png 15c 98 —

— 170 —

- <5 —
33 ± Z4

43 1+1 I —4 — I

TRADERS

57 til PtolU

K0 30 brn+OanWaa —

42 lftAttnlMDea

80 27 Kata Res Corp —

300 115 iBMafcrdL 10c__
34 24 E€awlaLU10p_

123 70 EraeawidiRes

157 . 93 Hanna, Anas Up-
327 165 pftlgUnodRes.

97

f+3

25

3S

Ht

215

-4

24

114

i., r .

146

2*7

C20U

*5

207

+2

197

-10

312

+3

634

s.

-1ft

cm

06 — 12
177 +4 20

BS +30 1HJ
35 — tl
06 -2 ttia 1

50 20 4.9
4J3 L5 *0
L13) 60 L3
12* 6 2d
2DX LO 73
8d5 67 50
tU 20 45
ian L7 7d
L£ 50 L5
625 20 73
15.9 64 3.7
15.4 64 3.7
505 70

PLANTATIONS

312 200
790 (513
064 KU5

IWera BHrirwisB tarirot* prices art act Mdeads ran b pan art
dmaatarataas va 25p. EstbroM prtceftarnras rafias art com an tod
ea baeB MMrt rtprats art aocoads art. *8era paabb, an wdrted Bir Brt6
yearfe Bgtaes. WEs ran catccttaad 00 "net” dtaiftndoa Irak, a arftw pra
riara brine e ertp rae d m randt Biter tarartai art mei*rt ACT (rtem
appOcadt; b afte wri tfeits Mrtote 10 per cad or acre t Mt era ro 8
diddMra*Wd» to lia. Caws am trodar’riBrabBaTtl ft ta d k M
ftts conpanx gras ftridend coos ta prafll alter ntuM eacbttop
rueptlnnri pratosAesses tot tadadfam e rilarted exteat rt aBrintfe ACT.
YWfc a* band ea rabkde prices, ere raaa. aftod la ACT at 29 per cert
art aBow hr vatoe o( dtetond driftaUa and rift*.

• “TcpStodc".

HiMb art Laws ro ftt d das torn hra a admtrTt to albra far rtgtts tssna

tor cash.

T tocerta jtace Mcreesetf or rearmed
J Interim rinta ndnetri pasted or riekned.

Tn+nt to aowfcsJderts pa a wrtndfa t.

• Ffem or report nwidM i f

V lira offlcWfe UK used; data* pentttctf nftr Me SSSPOUL

• USbtwri Toted oa Stodc Etaaom tod eatoer a* rifttected tn sane
deerae c# ragrtatton as Isted w c a il tl es.

Ft Daatl to BBlkr Rate 535CS.
t Pita ta rime of xaerta. .

1 Indira tw r Jrid ri tarttfTprartlngsolpanftrrtftgtm c cwraietetMtB
prevtara dMdett or toraara,

4 Heror Ud ar raagaftafanta proves.

| Not comfflROte.

4 Same rtarrat: redaced Hart attar reared exmtaes fadkaledL
i Rraactdbld Md ; dan ae M iirti gi ra rtri a l to beat Irtral mrirtMiri i d .
I tor allows tor esarantaa tl irons act bm rartdnp ta rtrtdra* ir
rariring crt> tor rtrirtried d h rt di ad. MMrnktodMdad

Ftaace, Land,

SlrdartatoB.5p__
toftnaiand Gen—

0*.cap7ftp

tnriUahin.Kfe

3nm ls.tac.Q

On. Cap

afldHrttna

MalEHtaSUO.
CfeWaratos— _

tev&OBBLlflC.

Ds.Cap.tfl>

5t76Fpttgata—

IdyelQrtMd

4ra.taWlri.iap-

thLMa? 40
OHM — M
0JL4 21
153 10 40
t2jL0 33
WU 3-4
403010 10

I Oa 120 Krartxtt—
taa)ASKtsT«7Jp.

iDe-Wknaan

tatadlw

trectn Japan 50p_

370

54 —
13

113 t+i I La 0.7 10

248 ... 53 LO 40

136 01 - 01

55 *9 - - -

39+1 - - “

208 -1 — — —

41 J — —

798 I +220 LO 39

213 1+S 03d 10 02

2X 78
24S 208
182 127
36 16

« «

71 31

95 U

57 B
459 65ft
17 5

■209 109

203 IS
154 115
OS6 £125
■15ft 11
260 196
42 15

263 223

in no

£20 03V
310 240

245 m

tt 19
tt 22
120 14

.63 31

778 375
94 »4

210 185
405 320
215 130
103 52

912 4RQ
U7 90

h.Ts Usli

|AX.Heldtags5p 223

bbtagttrtfalOp 212

UUNHdae 140

(ftnaMna t ad F. low 30
UrncttgiM Hldgs— 153
OriSpeCaraPMa. 75

UTtjtoTraf 59

TmalOo TO

WtatMerekASl 48

JtaboritybW.aip— 364

BMtflfini 2 ftp. 16 ft
EnlttrarTcdaDiDS. 208 a
^BCtoBbHrlflriZc. £ Uft*
T+BrirtbrsTO— 20W
BritambAm — 145
I Do.9peC» 950000 , £M8
rarftM 'ttm.Cp.5e- 12i

te ra d fterlan 239

bmarTrarilOpi 28

*G>npLfla.faraSB- 152
uOracarCWJACa. £17ft

tafce'ftftMfcfeJ 240

fcttStaUife 230

tklJBdSlOp 44

F&CEidTglOp — 23ft
fep tag n^Kfe—lgd

FrasdngmGip 73SB

grwGrtnp 88

K.T.Man9MMiP- 185
KtaOritnuilOJOJ 320
RrianeffiT.ttp— 215

MHawParSSl 92

faadmoaAdoiGp J 985

tHuaagGim UB

tad.Fra&ta.Cp.-J 89#

«I*BS355!

n J bis 1 — I

MINES
Central Raid

1 «» 1-3.1

SUSTinilSTi

s y ield aft er scrip Mara IP

*105 L5 * -
225 - 23 -
— — — 540
0681 30 45 (60)
04.4 - 66 -
li 17 2.4 323
10.96 U 1.9 —
» 10 70 70

+U W 20 283
IQ60C 2d 2.9 ZLA
QlOt — 65 —

140 L9 4d 150
09* — 161 —

18Z | 67
280 1 106

170 79

385 173
ZT7 161
03 450
390 200
373 163
S2ft 590
UO 65
123 60

60 25

W 25
165 70

125 50

£17ft 762
551 U

Marin EO.R2 —
mr & Jack R002 .
tRaxdU

260 1-20

315 -25
272 -5
03 +■»
368 -10
302 -7
943d -36

105 -5
S -2
40 -7
3Z7 -8
135 -10
OAn-1%
40 T— I

4 Eattoes based oa peritotoraj tawns. x Dhidrad and gtrid aratode a raedrt
pcjmeoL t ladcaol rfarteat tor rebus to prarians ta*s «4 PIE rtte
taxed an laea wmial rranlags. n Faracat. ar exttnaWl aanirtnad Mrtdrart
rale, cowr based on snerima Mar's canton- nSrtrJea ta Inert tax.
a Mndend wner ta emess of 100 times, y DbUart and rtcM heed im mragar
rraaa. 1 DWdead and )4eM Inchrtn a (pectol papneit: Ciwer rtoax not axato ta

I and yiel d. 8 Pre ference S tride
rates tor I986 f7. BAz raned
otes far 1986 KFferaextodl

Far West Rami

( Wj-H

000 — J

aRl 1 830 1 — Id.

T.I. Kill

1 . .1 RIOj J.4

1. . ! J —

1+10 1 ltd 25
l+i, QW 15
I .. Pl2.| 4d
i+3 bff.*

; ...1 »i5i 9

- 64
1.7 *
72 123
23 15.5

26 28
23 280
19 179
70 6

1 2.4 I 4

249 1 105 6wSraalRO0Ol_J » -8

919 437 toowntanwiRl 830 -L

D3h 706 SttrormRl OP,-’*

59# 270 foartsiandGB.206 _ 554 +5

?lt SI iMmO..— J 214 +1

417 180 WatrteestlOe-— J
637 305 (Wool Gobi KL2S--J

£136 629 ItolU.

□1 £l5'g&U»wilSfc

55b 284 (SUHeitert» \

£61 ft OlfeVul ftrefs50c__J
618 Z20 niwtersara R1 — _J
335 124 IWeaera Anns 81— ■ J
£30 , j£J5t* l WrMFni Deep R2 .. . J
71 30 OnkunlOc J

396 -a
611 +1

£280-1i

497 U-31
£59 ,1-2
605 *— 13
318 !-S
Wij+'l
68 f-3

official estorates tor 1983, OGnas. M Franc tt waaBstt tald art, caw

?taWtora2Dhtatt5rtto«5f* m ‘ TrW ' i

REGIONAL & IRISH STOCKS

The fBllBwfng Is 3 srieolon of Rtpiairt art Irish taOa, me laiiir Map
quMcn ta Irish currency.

AfeavlHttp. — a — Flo. 13*97/02 — Q06ft —

Cm?4Jtaea__ 03ft — Arantb 210

ntarPhg.Sp 46 — CPlHtd* 48

Ho«Ooy 25p UB Crattlafc 129

MlStm-C 75 MtfioGx 30

tUIHLAHJ 88rt —

IRISH , , HritoaKktgL 30 -2

Fart 11*4% 1988 noeftj. .... ] 1 rah Rapes. 92 -3

u«.«i%fl 4 m--j em « wam zn

“ Recent issues " and “ Kglrts " Page 43
(International Edition Page 33)

Tbb sen he is ndabk to nay Company daft ta u Stock
EidUges toreegtawt da NU KfagM far e fte d £875 m
aawa fer each

i

40

Financial Times Wednesday September 24 1986

LONDON STOCK EXCHANGE

Acctut Dealing Dates

Option

•First Declare* Last Account
Dealings thins Dealings Day
Sept 15 Sept 25 Sept 26 Oct 6
Sept 29 Oct 9 Oct 10 Oct 28
Oet 13 Oct 23 Oct 24 Nov}

1 J-W AgBu* nay tain place frm
UO am tare Wacu days aarilar.

T he eff ects oCthe heavy drain on
investment fluids caused tv the
Trustee Savings -Bank share flota*
ton became more apparent in Lon-
don stock markets yesterday.
Fresh reports of a huge public
response to the offer of 1.5bu
shares, which have necessitated
heavy withdrawals from investors'

savings accounts, p re-occupied

trade.

Several leading building
societies suggested that recent

cash outflows have totalled sums
large enough to take out the whole
of the TSB issue. This gave some
idea of the rush for the shares.
Queues were long at TSB bran-
ches and the various clearing
houses yesterday for the subscrip-
tion list closes at 10 am this mor-
ning. The issue is likely to be
oversubscribed many times.

It was not surprising therefore
that leading shares yesterday
fhiled to capitalise on early firm-
ness in the wake of Wall Street
overnight: the Dow Jones index
rose over 30 points. Blue chip
issues surrendered early gains
with dealers reporting lack-lustre
interest from both small and lar-
ger investors. Institutional oper-
ators seemed content to await bet-
ter buying opportunities, taking
the view that the market would
drift back owing to the huge TSB
commitment

The FT indices began brightly
with the FT-SE 100 shares show-
inga gain of nine points some five
minutes alter the opening. This
was gradually whittled away and
eventually replaced with a net
fall, the index closing 7.1 down on
the session at 1,610.0. The FT
Ordinary share index moved
ahead to 1.287.2 before finishing
109 lower on balance at 1.27L9.

Currency movements domin-
ated the Gilt-edged sector. The
early weakness in the exchange
rate index — it tumbled to the
lowest ever of 69 l 0— sent a tremor
through the market but prices
soon recovered. They went higher
later on flesh pointers of a flat US
economy and accelerated more
swiftly following Bank of England
support of sterling. This was
mainly against the D-mark which
came back rather quickly late in
the day.

Longer maturities encountered
renewed support, selected stocks
jumping IVz points and maintain-
ing the better tone in the ofter-
honrs trade. Conventional shorts
were more hesitant and index-
linked issues lost appeal to close
wi th falls ranging to %

English Trust wanted

Rngifoh Trust, in which the
United Kingdom Temperance and
General Provident Institution
holds a 15 per cent stake,
attracted renewed speculative
support on rumours of an overseas
bid of around £2 per share and
dosed a further 13 higher at 153p.
Elsewhere in an otherwise sub-
dued' bank sector. Allied Irish
reflected the successful rights
issue with a gain of 17 at 2l5p.
after 21 8p, while Bank -of Ireland

Equities suffer as huge TSB commitment drains funds

Currency developments help Gilts

dened a shade to a 1988 high of
£39% owing to a stock shortage.
Cheaper priced Golds retreated
serosa broad {tootled byStilfe*
31 off at 497p and Western
Areas, which dipped 29 to 310p.

put on 7 to 190p in sympathy. Sank
of Scotland edged forward a penny
to 423p in anticipation of todays
first-half figures, while other
major clearers closed mixed. Nat-
west moved up 5 more to 547p and
Lloyds hardened a few pence to
445p, but Barclays, at 488p, and
Midland, at 570p, softened 2
apiece.

Lloyd's Brokers continued
firmly on currency considera-
tions. Willis Faber added 10 at
450p and Mart put on 9 at 237p,
while C. EL Heath appreciated 7 at
472p,

ijyal London, placed recently
by Green well Montagu at 135p per
share, made a good debut in the
Unlisted Securities Market.
Steady demand took the price up
bom an opening level of 145p to a
close of 152p, for a first-day pre-
mium of 17p.

Breweries gave modest ground
in extremely thin trading.
Institutional investors are still
clearly reluctant to direct short-
term tends to the sector in the
wake of the Monopolies Commis-
sion investigation into the “ tied "
house system. Losses of 5 were
common to Whitbread A, 2G0p,
Allied-Lyons, 305p, and Bass, 725p.
Regionals provided a rare bright
spot in Sunderland's Van* which
improved 10 to 380p with the help
of ** call ” option activity. Among
Wines and Spirits. Macallan-den-
tiwet were marked 10 higher to
330p following the more-than-tre-
bled mid-term profits.

Blue Circle were quieter after
Monday's speculative rise, which
reflected talk of a possible
Australian bid from either Robert
Holmes 8 Court or Alan Bond, and
dropped to 560p at one stage on
proft-taking before closing the
session 5 easier on balance at
566 p. Elsewhere in Buildings,
Walter Lawrence fell 7 to 102p
following details or the proposed
rights issue and vendor placing of
25.75m new shares at 85p per
share to finance the acquisition of
Poco Properties, a privately-
owned housebuilding concern.
Barrett Developments lost 4 at
I46p ahead of today's annual
results, but BMC moved up 8 to
632p in front of tomorrow^*
interim figures. George Wimpey
added 6 at 204p, while improve-
ments of 3 and 7 respectively were
seen in Taylor Woedraw, 308p, and

R f^t]inJ [ Thomttc Warrin gton

advanced 8 to 90p following
demand in a thin market

Coats Viyetla nervous

After an encouraging start, lean-
ing Retailers encountered
occasional offerings and finally
settled at the day’s lowest levels
as fears of dearer money rescr-
faced. Barton, up to 308p earlier,
closed 4 cheaper on balance at
302p, while similar losses were
sustained by Marks and Spencer,
20Lp. and Dixons, 362p. Combined
English, due to announce interim
results tomorrow, touched 246p in
the initial business but later
reacted to 238p, a net decline of 3 l
C oats VXyella feU 6 to488p reflec-
ting nervous selling ahead of
today’s half-timer; the company is
expected to reveal pre-tax profits

FINANCIAL TIMES STOCK INDICES

Sept

23

Sett .

22

Sept

19

Sept

18

Sept

17

year

ago

1986 '

Since Compilation

High

LO*

High

Low

6o»et nment Sees —

8451

83.98

8458

8452

84458

83.77

9451

8059

127.4

4958

(IBM)

wyi)

(90/35)

<11/751

Fixed Inures!

9X24

9X12

9X21

9X88

t9252

8950

9758

8655

105.4

5053

(7/71

(23/1)

(2201/47)

(3/1/75)

Ortfinaryf

1271,98

L282.

L2&9JL

L2796

X2752

982.7

X42S.9

W943

L425.9

49.4

I3M)

114/1)

(3^VS6>

126/b/M)

Gold Mines

3445

357.8

33X2

3175

316A

310.9

3578

185.7

734.7

435

(2 2«)

(ia/7)

(15W83)

(26/10/711

Ord. Die. Yield

455

452

455

453

455

453

S.E. ACTIVITY

Eamtogs YkLSMfriD

10 HI

9.94

UX02

9.972

tn cd

n nc

Indices

Sept 22

Sett. 19

P/E Ratio (net) (*)

1225

3254

1224

3250

1224

10.44

Gilt Edged fergams —

978

1238

Total Bargrins (Est)

Ik041

warn

17A49

18534

20548

2X009

Equity Bargains

82.7

104.9

Equity TuTnewr£m.

—

37758

510.99

560.96

535.07

40450

5-Day Average

7628

Equity Bargains

—

1X760

16590

36^746

17569

18562

Gilt Edged Bargains

110.0

12X1

Shares Traded <ml)

—

1705

99H 9

207.7

Ecmtiy Bargrirts

106.4

1018.4

1195

1208-6

V

Opening

1287.2

10 a.m.
12835

11 a.m.
1280M

Noon

1275.7

1 p.m.
1274J)

2 p.m.

1272.8

3 p.m.-
12738

4 p.m.
12723

I Day's High 1287.2. Day's Low 127X9. t Correction

| Basts 100 Govt Sea 15/1W26, Fixed Int 1928, Ortfinary 1/7/35, Gtfd Mines 12/9/55, SE Activity 1974 -Nit-

■1X76.

| LONDON REPORT AND LATEST SHARE INDEX: TEL 01-246 8026 |

of around £88m. Similar condi-
tions prevailed in Ben tails which
eased a few pence to 128p in front
of tomorrow's interim results.

Among Electricals, Grosvenor
responded to news of the agreed
share exchange or cash offer
worth 125p a share from BBA with
a rise of 10 at 130p. Sin trail eased
to 61p before closing 2 off on
balance at63p following the tell in
mid-term earnings, but acquisi-
tion details left Dowding and Mills
a couple of pence better at 40p.
High technology stocks gave
ground, Eoretherm telling 10 to
275p. Farnell 7 to 163p, and Cam-
bridge Electronic 5 to 215p. AB
Electronic, however, rose 9 to
334p; the interim results are
expected on September 29. Lead-
ing issues . settled a few pence
easier.

Occasional selling and lack of
support depressed Hawker,
whichfell away to close 16
cheaper at 463p; the interim
figures are due on October 22.
Elsewhere in the Engineering
leaders, Vickers drifted off to
close 8 down at 405p. Among the
secondary issues, Glynwed lost 6
to 298p arid Deso utter eased late
to ffnirii 5 cheaper at 230p, but
buyers showed interest in Brooke
Tort which improved 4 to 36p.

Features were few and ter
between in the Food sector.
Unigate were prominent in the
early stages as speculative buying
pushed the shares up to 295p bid
before thy boiled over to end the
session 5 higher on balance at
292p. B owuti ee Mackintosh
improved a few pence at 408p in
reply to Press comment After
hours’ dealings were enlivened by
the resumption of trading in J. E.
England alter a short suspension;
the close was S "dearer at 53p.
following details of the sale of
Mosspack (Potatoes) to its. man- .
agement for £270,000 cash, and the
capital reorganisation, after
which Mr P. D. Kemp in will hold a

near-30 per cent stake in the
company.

Hotel and caterers drifted lower
for want of support Grand
M etr opol ian relin quish ed .a few
pence at 408p and THF eased 2 at
ISOp.

Pearson active

Pe a rs o n, still reflecting the
Hutchison Whampoa stake, were
briskly traded and touched S33p
before closing 6 up on balance at
528p; Westminster Press, part of
Pearson, announced yesterday the
sale of the Middlesex County
Press for£&5m. Elsewhere in mis-
cellaneous Industrials. Morgan
Crucible advanced 15 to 283p after
Press comment on the half-year
figures, but Siebe remained on
offer at 795p, down 10, following
the Robertshaw Con trols acquisi-
tion and proposed fiMSm rights
issue. British Aerospace drifted
lower on scattered offerings and
lack of support to 12 off at
426p, while Wellcome, a good mar-
ket of late on development hopes
for its anti-Aids dreg, encoun-
tered profit-taking and gave up 5
to 210p. Steetley ended a few
pence cheaper at 483p, after 503p,
following the interim results,
while Bluebird Tore were also a
shade easier at 225p after the half-
year trading statement. Specula-
tive demand leftSecnrignard 15 to
the good at 130p, while Bedycoto
were noteworthy for a rise of 12 at
335pu J. Hewittjhvoured last week
on the bumper half-year figures,
met with revived demand and put
on 17 to 132p in a limited market
Worcester, scheduled to reveal
mid-term results next Tuesday,
advanced 7 to 215p. Leading
issues failed to bold initial gains,
Beechim closing 3 off at 4D5p and
Glaxo 7 lower at 965p, after S82p.

• SdecTV. in which . Mr Robert
Maxwell’s. BPCC bolds a 22A per
cent stake, revived - strongly among
Leisure issues, rising to 20p at one
stage before closing 2 better at 18p

following speculative buying on
asset-injection or bid hopes.
Boosey and Etewfces added 5 at
170p as did Pineapple Dance at

60p.

Octopus Publishing dipped 15 to
465p as the increased interim pro-
fits and dividend were oversha-
dowed by the cautious tenor of the
chairman's accompanying state-
ment Elsewhere. McCorquodale
rose 10 to 245p amid hopes that
Norton Opzx. a couple of pence
dearer at 146 p, will receive clear-
ance to resume its offensive; Nor-
ton’s original bid for McCor-
quodale was referred to the Mono-
polies Commission on April 22
this year. Carlton Communications
reverted to unchanged at filOp.
after 900p, as brokers L. Messel.
acting on behalf of directors Mr
Nigel Wray and Mr David (keen
sold lm shares through the market
at 884p per share; dealers
reported that the sale was easily
accomplished. Advertising agen-
cies again lacked a decided trend.
Basse Mawrinti Fellftt buoyed on
Monday following a favourable
Press, reacted 6 to 284p, while
further consideration of the res-
ignation of Mr Robert Jacoby as
chairman and chief executive of
the group’s Ted Bates operation

g-i-lii ano ther UP
cheaper at 6L5p, after 605pu Bmxxl
rose 514 to 208p ex-th e-rights
issue: the new nil-paid shares
opened at 13p premium and
touched 1%> premium before set-
tling at 12&p premium.

Speculative buying on develop-
ment prospects helped Southend
Stadium gain 6 to 168p in Prop-
erties. Baglau hardened a penny
to 12p following the preliminary
figures, while improvements of 5
and 20p respectively were
recorded in City Site Estates, 155 p.
and Warnfbrd. 640p. Beigreve
cheapened 5 to 131p following
profit-taking of tomorrow's
extraordinary general meeting.
Wingate dipped 10 to 430p and

Togs Estates relinquished 15 at
270p.

A couple of firm features
emerged among otherwise idle
Textiles. Scottish English and
European advanced 8 to 140p as

the dollar, prompted a sustained Trnilw! OntinilS
bout of profltrtaking in mining IrHucO V/puwD

' Demand for Traded Options

remained at a relatively low ebb.
but dealers reported increased

markets and especially in South
African golds.

Bullion, which made good prog-
ress in New York overnight where
it dosed at $444. opened lower in
London around the $440 mark but
quickly retreated to $431.5 before
ending the session at $433—a net

investors took an encouraging Of IS.7E

view of the company's prospects . J3r

despite the cautious tone of the improved to $60o in London and
chairman’s statement at the held around that level for much of

annual meeting. Hopes of further the day- .

rationalisation within the sector— Gold shares were marked down
last week Sirdar announced an at the outset of trading, mirroring

for the initial decline in gold, and fell
Burma tex — directed attention awaff .throughout the . morning

towards Bulmer and Lamb, finally following persistent selling from
11 higher at I09p. Switaeriand and London-based

Investment Trusts made fresh institutions. A minor rally around
progress under the lead of Far mjdd«% encouraged by support
Eastern orientated issues. £«n Brussels, fiuled to hold as
Fledgeling Japan hardened a few the opening of US markets saw
pence to 59p, while GT Japan put under further pressure and
on 4 to 212p. Elsewhere, Humor sh"* prices dipped back to dose
Ventures rose 6 to 400p in reponse at or around their lowest levels of
to the ftill-year figures and prop- the day. The Gold Mines index
osed 100 per cent scrip issue, retreated 13.0 to 344.8.

Financials a gain highlighted MAI
which improved 20 more to 400p
as investors continued to antici-
pate pleasing whm?! figures
tomorrow.

Lasmo lose ground

Leading oils made progress dur-
ing initial trading, with arbitrage
buying in evidence, but turned
easier in mid-session following
news of the steep decline in LAS-
MO’s interim profits and the
interim dividend omission.
Quoted at 113p immediately prior
to the results LASMO subse-
quently dropped to 96p with one
dealer before bear closing trig-
gered a rapid recovery to UOp — a
net decline of 7. The OPS moved
up 10 to 180p.

BP, which touched 675p early
on, fell back to 568p before edging
up late in the day to close 8 firmer
on balance at 670p, while Shell
settled 7 better at (UOp. 1C Gas, a
strong market in recent weeks
following intense takeover
speculation, eased a few pence to
487p.

Incbcape were outstanding in
Overseas Traders and moved up
strongly to close better at 435p
with dealers citing yield con-
siderations, firm tea prices, bid
speculation and buying ahead of
Monday's interim results as
encouraging fectors.

The resolute showing by plati-
num helped producers edge
higher, with gains of 10 common to
liapala, 745p and B ns t e n b urg,
810p. In Diamonds De Beers slip-
ped 12 to 532p while South African
Financials were no better than
mixed. ‘‘AmcoaV a firm market
in the past couple of weeks follow-
ing the EEC’s decision not to
implement a ban on imports of
South African coal, gave up 12 to
575p, Anglo American Corporation
fell H to £11 and “ Amgald ’’ drop-
ped £1% to £55%. East *»nd
Proprietary were 5 cheaper at 49p.
The downturn in the bullion
price, which followed a forecast of
increased US interest rates
towards the end of the year and
another strong performance by

In tiie heavyweights Wfnfcrlhatk
were particularly weak and fell
away to close almost £2 off at
£14% while Vital Keefe dipped a
similar amount to £59. Senthvaal
gave up y« to £2814 and Buffeis %
to £16% Western Deep moved
against the general trend and bar-

support for put positions which
boosted the total number of con-
tracts transacted to 15,575. Only
T?pff*n Treat, which attracted
1,332 calls and 1,030 puts,
recorded a noteworthy turnover.

Traditional Options

• First Dealings
Sept 22 Oct frOct 20

• Last Dealings

Oet 3 Oct 17 Oct 31

• Last Declaration
Dec 18 Jan 8 Jan 22

• Far Settlement
Dec 29 Jan 19 Feb 2

Far rate indications see end of
XJrdt Trust Service

Stocks favoured for the call
included Oliver Prospecting,
Aronson, Iceland Frozen
Foods, Piet Petroleum, J.
Hewitt (Fenton), North Kal-
gnrli, Berkeley and Hay Hill,
Wellcome, Vanx. Sparges,
Camferd Engineering. Son Oil
and Celtic Haven. No puts or
doubles were reported.

Above

YESTERDAY'S ACTIVE STOCKS

activity ** noted fat B» Mto vring studs ya tt rC&y.

Stock

RimH

Glaxo.

Hants Qmcibmv

dosing

fey's

Closing

Day's

price

c tare

price

ebarae

2DBr

+ 5i*

533

- 3

M2

- 4

LASMO...

no

- 7

114

+ 2

Marks & Spencer

201

- 3

462

- 6

OcapsPridlsfahig

465

—13

965

- 7

Royal Insurance . - -

822

- 3

228

- 4

SmftftIW.lOA

276

- 4

MONDAY’S ACTIVE STOCKS

Based an fawgata recorded la Stock Exchange Official LbL
No. of Man's. Day's No. of Mon's.

*s“ ■Sr nz “sr

Wellcome.

ia.

WoodehMter

BP

Cars. Gold Fkfa_

14

14

12

12

12

dose

215

£U

325

667

557

536

— Oe Been DM.

+»t

+9

+8

+18

Prudential.

ICfaange band oo price at su sp ensio n.

Beteteo Brew.
Ura

n

li

u

in

10

Day's
dose c ha nge
637 -4-25

544 +6

411 +11

832 +14

81 -6

972 -20

RISES AND FALLS YESTERDAY

British Funds

CnvenUoas, Dam, and Forelga Bonds .
hNtaMab

04s.

Others .

Rises

Fafis

Same

86

20

7

1

19

49

230

315

966

167

67

347

23

21

70

2

12

44

63

78

lib

- 20

57

Totals.

689

XJSB6

NEW HIGHS AND LOWS FDR 1086

NEW HIGHS <63J

■ do AmdaM, Cons ■

Sperry Carp. CANADIANS (5) Americas Bank*
town e e* Brasean, Edw Bar tones. Golden Seen-
Ira Rejovcev GoMfi Gobi ftMnei. BUILIIfNSS (Z)
GAPs & Dndy A Wtoitogtoa (TOnL), CKMICALS
(2) (kahili nfc Scktring AG. ELECTWCALS (SI
Alphameric. NEC Carp, UEI. ENSIKEEBfM (2)
Carlo Ena Hampsea lads. FOODS (2} Eagkad (J.
EJ, Jacob CW. A RJ. M MISTRIALS OB) BTR
ttyia. CMm Ups, HHdmWatpe^JadM
•Mat Johneoo M a aNey . Kay* Secarfde*
R rtrm nr , Trftoiai( Sob* Pacffic A Wotna t w .
nuuaAHCE CO LeriN United. NEWSPAPERS
O) Hem HW Spec Dhr. PAPER 05 Home (Robert!
KV A, McCttguedrie. PMPERTY (4) CALA. Can-

Can. Rrst Chartotte Aam M u m Vwacm. Ppd-
Ik AaaftTVHt, IfaacM NV. TH Nanrri Raoutte*
Haney 6 Thoqpwn. OVERSEAS TRADERS (1)
Mdope. MUtESOS) *

NEW LOWS (221

BRmSR FUNDS (ZJ Teem 3pc 1991, Ti-eas 2»jpc
IL 20U. I an. DANK A VSEAS GOVT STU
ISSUES (lj Malaysia lWwc Ln 2009. AMER-
ICANS (D BASIX Carp. BANKS (O Hricmy l«l
6pe A Car Prf. HBILOMSS (2) Lamancr tWJ
R5pc Cur Red Ml USey (P. J. CJ. CHEMICALS
(ZJ MmeeML ELECTRICALS (2) MNtr, Wayne
Kerr. HOTELS (1) INaa MoMtt INDUSimALS O)
■ Inc. StarUas lmb.'PAPE> (21

SmPPtNG (2} CtariOM (Horani, TTpfcocfc. TEX-
TILES (O Baalet (XL TRUSTS (7) AicMnNdes

SawM N SaucM, DoUpcCnr Prf. SMPPINC (91
British A C a n a n aan umh , Fisher UJ, uwom
Docks. TRUSTS d] Pacific Assets Tors* Scr 1
Varan OILS (2J Berfcrier Expih. Sun (1110

nnu.

FT-ACTUARIES INDICES

These Indices are the joint compilation of the Financial Times,
the Institute of Actuaries and the Faculty of Actuaries

EQUITY GROUPS
& SUB-SECTIONS

Figures in parentheses show number of
stocks per section

CAPITAL 00005(212).
Building Materials (26) ,

Contracting, Construction GIF .

Electricals (12)

Electronics (38)

Mechanical Engineering (601 —
Metals and Metal Forming (71-
Motors (161.

Other Imhistriai Materials (22) —

CONSUMER GROUP (133)

Brewers and Distillers (22)

Foul Manufacturing (221

Food Retailing (15) .

Health and Household Products (101.
Leisure (28)

Publishing & Printing (14) .
Packaging and Paper (15)_

Stores (38)

Textiles (17) -

Tobaccos (2).

OTHER GROUPS (88).

Chemicals (20).

Office Equipment (4)

Shipping and Transport (15).

Telephone Networks (2)

Miscellaneous <491

INDUSTRIAL 0R0UP(483).,

Oil & Gas (17).

500 SHARE INQEX(500)

FINANCIAL GROUP (117).
Banks (7).

Insurance (Life) (9)

Insurance (Composite) (7) .
Insurance (Broken) (9) —

Merchant Banks (12)

Property (49)

Other Financial (24).

Investment Trusts (101) .
Mining Finance (2)

Overseas Traders (14) .

ALL-SHARE INDEX (734).

FT-SEW SHARE INDEX

Tuesday September 23 1986

Index

No.

67631

79431

119935

1780.93
146039
36939

347.93
27534
124436
92647
909.98
692.75
193735
153135

191008
260L47
1466.02
871391
1 53738
122100

76009
963.411
1 237.23
1469.42
174635
1051.45

827.46

135607

87236

59700

664.95

84234

464.42

1197.96

33335

75037

34202

776A3

298.93

676-06

79439

Index

No.

16103

Change

%

-03

+03

-03

-0.9

-13

-OO

-06

-03

-06

-08

+0j4

-03

-0.7

-06

— 2.0

+13

-13

-03

-OO

-04

-OO

+09

-04

-OB

-04

—03

+04

-04

+01

+04

-03

-02

+13

-05

-02

+07

-06

+L0

-03

Day's

Changd

-70

(Max)

901

838

732

837

1005

1069

937

939

731

7.93
936
935
605
536
7.77
731
705
637
934

1334

8.93

8.94
734
833

1148

635

8 AS

1235

1904

021

5.93

933

1076

1104

Days

High

16263

Grass

at.

Yield %
(ACT St
29941

331

336

336
436
2.93
430
433

338
433
335
333

337
238
238
3.99
430
335

2.92
331
433
407
433
446
445

4.92

339

3 30

634

3.96

4.70

546

430

437

402

439

3.72

432

2.97

537

6.44

4.07

Days

Loir

16103

EsL

WE

Ratio

(KeO

13.96

1400

1731

1534

1332

11.95

1337
1243
1604
1536
12.73

1338
2243
7135
16.92
1731

1«M

2033

1204

802

1442

1331

1544

1507

11.90

1083

1531

1032

1432

705

15.93

2235

1347

1092

1037

Sept

22

16170

to date

1336

1431

2347

8.99

707

537

1932

15.75

1438

2937

1234

2438

4949

9.94

1138

934

36.99

1634

27.96

701

3137

1637

1632

1532

6230

1906

1437

2337

1807

935

2431

507

12.71

735

12.70

601

2405

1732

Sept

19

16004

ladex

No.

679.66

793.74

119732

179008

147409

37335

34834

27637

124639

93201

91732

69031

194234

154100

91601

265401

46130

882.90

54205

122233

76332

98408

23507

1475.77

75304

109636

83233

1350 J7

87609

59639

66232

84339

46543

118430

33541

75136

34205

77131

30031

66931

796.77

Sept

18

16343

Fri

ft

Index

No.

67408

78937

118932

178543

145202

37243

34734

Z7431

123734

92505

91107

68732

193731

153930

90243

259206

45930

87X30

53831

1227.72

75833

98330

23430

147540

73950

105308

825.99

133503

86943

59232

65503

835.90

|46438)

116239

334.47

74736

341.96

76906

29431

66307

790.73

Thws

Y

Index

No.

Ago

tepraJ

No.

68X32

80200

120130

179939

146936

37537

34031

27632

1248,23

gqw

925.77

(40.78

1969.96

1534.78

90736

262647

466.91

88142

54X70

1230.78

76230

97837

23841

148708

74632

106337

832.96

133433

87530

59903

66332

85448

47144

116838

33734

75X97

34436

770.98

28939

66830

79645

VI?P

161041 1596.7

51332

543.74

823.95

127449

30244

20630

17006

93239

68036

69641

49138

161548

104630

66435

190059

35439

70X56

33045

72X84

652.95

20335

119931

90034

64439.

1115.98

68434

47402

45643

73835

35934

109639

24309

66333

27941

58040

24839

57343,

62332

Year

jae.

12800

FIXED INTEREST

PRICE

INDICES

British GpnnuMotj
5 years

5-15 years ..........

Over 15 years —
Irredeemables —
All stocks

Index-Linked
5 years. ,,... —

Over 5 years.
All stocks —

McnhfftoAlaa*-
fte f e«eB « ^— ■

Tues

Scpc

23

11949

mM

13941

15342

130.72

11135

113.43

11301

11333

8X68

daage

%

+004

+049

+132

+0.74

+040

-031

-036

-033

Men

Sept

22

11932

13205

137.77

15248

129.94

11248

11334

113.48

-044 11333

+0.01 I 8346

xdadj.

today

xd

3986
to date

8.70

9.79

iaos

8.90

954

2.00

253

243

- 731
— i 446

AVERAGE GROSS
REDEMPTION YIELDS

.Low
|C«IP0IG

.Meifium
| Coupons

High
| Coupons

British GoKnment

I HU C

5 years.

15 years.

25 years.

5 yean

15 years

25 years.

5 yean.........

15 years-

25 years-

Irredeemabl es. -■ .

Index-Linked

Inflat'd rale 5% Syrs...
j Inflat'n rate 5% (her 5 y «...
Inllat'n me 10% 5 yrs

Inflat'n rate 109b Orer 5 yrs,

Dehsft

Tees

937

9:99

ULfil

1037

1031

lIMM

3085

1053

1033

441

340

342

3.43

PrtfereflCL.

5 years.

15 years

25 yen

Ti

1083

1X24

1U0

10.99

Mao

V

927

1049

10J2

1Q88

1046

10J8

1093

1045

1024

_M4

439

358

249

141

1076
ti ig
ZL25
10.99 I

Yew

(aqanJ

948

1013

1014
1066
1046
1013
10.74
1059
1027

073

00

04

OO

OO

1X28
1X23
1X18
10 in

.Opening Index 1626.2; 10 am 1620.1; 11 am 16160; Noon 1612.9; 1 pm 1610.% 2 pm 1610.4; 3 pm 1611.7; 350 pm 1610-6; 4 pm 1610 7.

tFIatyiefal. Highs and rows record, base dales, wiues and constituent changes are published in Saturday Issues. A new list of constituents
is available from the Publishers, the Financial Times, Bracken House, Cannon Street, London EC4P4BY, price 15p, by post 28p.

LONDON TRADED OPTIONS

CALLS

PUTS

| CALLS

j PUTS

Option

OcL

Jan.

Ac r.

Oct.

Jan.

Apr.

Option

Noe.

Feh.

May

Nor.

Feb.

M*

Ailed Lyons

300

15

25

37

9

12

17

M kBaud Bk

500

85

100

112

2

7

11

(’305)

330

6

13

22

33

35

40

1*569)

550

45

60

77

12

18

27

360

2

7

12

58

63

65

600

18

30

38

37

42

47

88.

550

127

143

155

p. a a

500

25

43

58

6

20

25

(*671)

600

77

98

118

3

10

IB

550

8

23

33

38

48

53

650

37

60

82

14

2b

38

—

—

—

700

10

32

53

40

48

5b

160

180

200

20

a

3

10

16

32

Coo. Sold
(■554)

460

500

550

97

58

102

75

122

9B

3

6

12

20

14

27

t*vm

26

14

8

20

U

4

12

28

7

14

30

600

9

27

38

62

72

82

R.TZ.

550

92

102

—

5

16

37

62

. CowtzMOs
(*287)

220

240

260

280

71

51

31

18

1

1

650

700

23

9

42

22

57

34

72

50

80

31

39

9

V«N Reefs

70

If/

IS*

2£i

Zh

5

7

300

8

20

2b

19

23

—

25

(*585)

80

90

U

5(4

iff*

5

10

10b

15b

Com. (Mm
(-280)

260

280

300

330

22

12

4

1

21

12

7

31

22

15

4

16

30

57

u

33

57

20

36

57

Tr. Ufa% 1991
(■£103)

104

106

108

s

$

Oh

A

Oh.

5b

3d

3?

Cable A Wire
(*307)

300

325

17

6

36

19

45

28

8

25

15

30

20

37

Tr J1V* 03/07
t-moi

112

114

3

Jh

s

F

in

g

§

a

350

2

U

17

*5

47

90

118

o*

Ha

7

9b

Owners

600

130

lb

__

(*715)

650

80

—

—

4

700

30

—

—

8

—

JT_.

1-174)

180

200

7

28

16

32

20

10

6

9

16

Option

s*p

Dec

Mar

Sap

Dec

Ma

2‘*

6*a

28

30

Beectiam

330

78

88

1

Grand Met.

355

57

1

(•405)

360

48

60

70

1

6

a

(*408)

360

65

70

4

7

390

17

37

50

ib

17

22

302

420

1

25

35

19

35

40

390

45

52

17

20

460

Wj

13

18

57

62

65

420

10

30

38

25

30

35

Seats

200

22

29

37

1

3

5

IX.I.

950

160

187

195

8

220

20

Z7

lb

13

15

P’1097)

1000

112

140

147

20

20

25

1050

1100

35

65

8S

34

47

S3

BTR

280

20

”37

45

35

2

10

17

Land Sec.

300

20

31

39

4

7

10

U

U

28

(*313)

330

t«a

17

25

21

22

24

330

18

360

2

7

12

48 •

48

48

Marta A Spen.

180

’25

31

38

1

2

4

(•725)

750

3

30

40

#

15

20

200

220

9

19

24

6

9

12

800

1

15

25

80

80

83

SMI Tnns.

800

122

145

(60

2

9

15

She Circle
(■563)

550

65

17

78

43

87

58

2

5

9

(*911)

850

82

112

127

10

18

28

600

1

20

30

40

40

43

950

JO

14

48

67

50

62

82

De Beers
(17.70)

650

700

130

80

140

165

4

12

22

33

55

Trafalgar House

2b0

28

36

44

1>2

7

14

750

30

BO

105

4

40

C283)

280

15

23

30

6

17

24

800

6

S3

70

30

70

80

20

29

3b

DbwH

300

64

74

84

1

2

(*362 J

330.

34

44

56

1

S

12

360

6

26

32

3

12

22

Option

Noe

Mar

Jun.

Ha*

Mar

Jan.

GKN

(•267)

240

260

280

300

330

27

—

—

Ob

Lento

(*216)

200

218

220

236

24

12

6>2

30

21

36

2S

5

12

24

11

21

15

26

8

1

1

ON

25

15

8

4

26

18

10

i**

36

66

20

38

66

15

24

40

6b

240

12

16

34

39

Glare

900

70

120

—

4

35

—

255

3

42

(*%5)

950

20

85

175

5

S3

70

1000

5

63

100

40

SO

100

1050

3

47

80

90

115

130

1100

2

ZB

—

140

ISO

Option

Mov.

FriL

May

Now

Feb

May

Hjwttil

135

56

—

—

1

—

—

Brit Acre

420

38

55

67

13

22

27

1*0

51

37

42

1'

2

4

(*436)

460

IT

35

4tt

32

40

45

180

11

77

76

0*7

6

8

500

8

22

33

/G

72.

75

200

0 *

11

16

11

15

19

BAT llris

390

58

75

S3

C

8

12

Jaguar

390

143

0*J

_■

(*441)

420

38

55

63

8

20

23

<*5331

420

113

128

Ob

2

460

18

30

38

30

35

40

460

73

92

103

1

8

10

Bidis"

460

43

60

70

6

11

17

500

33

Vi

da

55

73

2

18

27

('4B9I

500

550

22

38

17

52

23

63

30

65

35

70

Thom EMI

600

15

28

70

75

78

, . _ - — .

420

55

72

80

Ob

4

10

BrfL Triecw

ISO

15

23

28

5

10

13

(*471)

460

15

35

47

7

15

20

(*186)

200

5

ll

18

17

22

25

500

1

15

28

32

37

38

220

2

5

12

35

36

38

550

(Pi

7

12

82

84

85

Cxfajfy Schweppes

160

21

n

34

3

7

10

Tew

360

50

63

73

1

4

8

(-177)

180

9

15

18

9

13

16

C40B1

390

70

40

50

Z

n

15

200

3

9

26

27

420

1

25

35

15

27

X

Crimes*
C32 U

Imperii! t>.

1*3931

Ladbrahe

(-3561

300

330

360

300

330

3M

330

360

3S0

LASMO |
(-U01 I

no i

120 , B
130 i 4

OS

25

9

18

14

9

S3
33
! 18
i 25
. 20
: IS

5

15

40

Vi

3'i

7

3 ! 6 I 10
15 - ' 18 j 25
35 1 40 | 45
12 '14 : 16

IB '23 .25
» I 30 ‘33

Obi*

•1

Sett.

OcL

No*.

{ Dec.

Sett

Oo.

NO».

Dec.

FT-5E

1550

70

85

95

1 —

2

12

14

__

Index

1575

47

68

75

I —

4

70

n

_

*1611)

1600

71

51

60

75

10

29

33

47

16H

9

47

45

60

22

a

45

57

1650

4

X

X

50

45

55

67

70

1675

2

2C

27

1 45

70

75

87

90

1700

1

11

18

I

95

100

107

11/

Smearier 23.

ToW

watt 15^75. Cato 9,409. Puts 6,1b

6.

EUROPEAN OPTIONS EXCHANGE

Nor.

FML

Mar

Serfs

VoL

Last

VoL

latt

VoL

Last

Stndc

GOLD C

5370

3

72A

100

78

10

89

543585

M

GOLD C

S380

_

__

53

70

GOLD C

S390

64

54

ne

GOLD C

5400

39

45

60

51

5

65

ra

GOLD C

S4Z0

43

29A

61

4050

3

56

ee

GOLD C

S440.

153

21

. 60

-32A-

■ 2

46

mm

GOLD C

5460

360

14

68

24

50

37

me

GOLD P

5360

25

330

5

6

tm

GOLD P

S380

20

3

—

m

GOLD P

5390

134

370

m§

GOLD P

5400

7

7

20

2250B

M

GOLD P

SCO

340

12

107

19

—

—

Mar.

Jane

SILVC

5600

30

35

10

75

*596

SILV P

5550

42

10

E/F C

FL335

200

530

—

__

arc

FL355

—

—

35

xso

rif

STL C

FI .225

227

9308

_

S/FL C

FL230

1818

630

25

9

1

1000

WFLC

FL23S

112

4308

7

730

ee

S/FL C

FL245

Sb

X90

5

3A0B

me

VFL C

FL250

42

UO

1

2608

ee

S/FL P

FLZ20

139

2.40

3

_

ee

S/FL P

FL22S

22

4A

1

63QA

_

e*

STL P

FL230

157

6

5 .

860

1130A

me

S/FL P

FI 233

B8QA

—

—

tv

-

Jaa.

Apr.

ABN C

Fisao

288

530

61

2150

F1559

FI .560

215

9.90

140

16JUB

AEGNC
AEGN P

FL10D

moo

238

113

4

230

137

32

830

430

10

9-106

FU01

AH P

FI.90

FL90

386

306

5

X10

15

75

830

350

4

10506

fWMO

AKZO C
AKZO P

FU60

FI .150

264

683

X70

340

777

191

5.40A

650B

89

830

FL15030

M

AMEV P

FIDO

FI 85

103

10B

63

230

16

430

FL7580

AMRO C
AMRO P

FUOO

FUOS

293

140

2.40A

820

46

85

7

38

880

’ FL97.90

ELSVC
GIST C
GIST P

FI 240
FL50
FI52

6

84

223

X50A

X80

3

27

237

45

7

4.40

1

lb

1230

6A

FI 22230
FL49.40

HEIN P

FU70

FtlflO

SO

42

8.90A

530

11

S3

15

15

1830A

FI 37680

HEO C

FL165

30

11.50

HOOGC
HOOG P

FL105

FL80

513

150

020

1530

2

315

030

1530

FL6450

KIM P
NEDLC
NEDL P
HATH C
HATH p

050

FL45

R-190

HJ60

FL8S

FI 85

990

174

15

52

59

117

080

0J0

1

030

2

3.70

357

78

97

15

81

91

280

2208

580

220

480

46

22

2

5

6

4

2806

IO

450

650

FL4730

mi

FU7680

FI 52-80

PHIL C
PHIL P

FI 35
030

859

731

X40

050

1684

153

320

148

4.90

250

1330

F1JS.70

RD P

FLZ10

FL200

3264

836

280

X40

681

8.70

177

FL206.90

UNIL C
tINIL P

FL95

FL500

0480

20

266

201

330

9

430

10

148

96

3.90

26

1230

17

1

37

1750A

n.9230

FL49350

ee

TOTAL VOLUME IN CONTRACTS: 49,127

A=Asfc B— Bid

C-CaO

P=Pm

base lending rates

ABU Barit.

K

— 10

Ailed Aril 8k Ltd 10

AUedDoobarACo 10

MfcdlrlriiBa* 10

BaeriaiEw.Bk 10

AhvoBiW .. . .. 10

HteyAasfeetar 10

ANZ Basking Snap 10

AsadaesCapCerp 10

BtocpdeBObas 10

BaakHapiaSw . 10

BakUsnilUK) 10

Barit CndHA Com— 10
Bar* ol Cypr»_ — ■ »

Barit oflrriaad 10

BnAoMitii 10

B«*grScMM_ 10

Bare* Beige Ud 10

Baidqs Barit 10

BettnaikTaUd 10

Beneficial TiW La _ 1)

BedwerBadtAfi 10

BrftBk.nfNJd.EaM_ 10

BrewSIWey 10

CL Barit NedcrM 10

Cauda Perews* 10

CayzvLU. 10

Cedar NoUre 11

Ckaiurbast Barit 10

CMtaekNA 10

%

Cttjtafc Savings 10.95

GtyMBdumsBariu. 10

dydntoleBai* 10

Ceesw,Bk.N.Eaa__ 10
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(Demand deposn
Mortga* U%.

Continued from Page 43

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Contained from Page 44

Looming
clouds dim
the outlook

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T Chief price changes

LOINDUlN (in pence unless othewtee indicEted]

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MAI

McCorquodale

Morgan Crucible -

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THE OUTLOOK for prices on the Tokyo
stock market is ckraded by three major
events likely to influence supply and de-
mand for shares for the rest of the year

*nrf nniWmina the bull market that haa
run since early summer, writes Skigeo
Nishiwaki of Jiji Press.

One is the public sale of shares in Nip-
pon Telegraph and Telephone (NTT),
which was privatised in April 1985. Toe
Japanese Government is planning this
year to sell 1.85m of the outstanding
15.6m shares with a nominal per share
value of Y50.000. It will offer 20,000
shares of the first tranche to large inves-
tors in competitive bidding to set a refer-
ence price and then sell the remaining
1.75m shares in November.

Enthusiasm for NTT shares is so
great among individual investors that
some securities firms have already be-
gun secretly lining up would-be buyers,
although the finance Ministry has
repeatedly asked them not to do so.

The solid popularity of NTT shares
seems almost certain to make the Gov-
ernment set the offering price between
YOOQpQOO and Ylm a share, pumping
Yl,500bn to Y2,000bn (SOJfan-SlSbn) into
the Treasury.

The issue of coins to commemorate
the 60th anniversary of the Emperor’s

reign looms as a second possible damp-
ener on the share market From October
10, tiie Government will sell 10m gold
coins at ¥100,000 apiece, 10m silver
coins at Y10,000 apiece, and 50m nickel
c*iin$ at Y500 apiece, through 67,000 out-
lets of financial institutions nationwide.

The commemorative coin issue will
f+iannpl a total of Yl,125bn into the
Treasury. To prevent cornering, buyers
of the grid and silver coins must apply
for selection by lottery.

Another cause of uncertainty is an ex-
pected batch of new convertible bond is-
sues. Corporations are increasingly eag-
er to issue convertible debentures as the
coupon rate has slipped to the 1 to 2 per
cent range, the lowest on record. In the
six-month period to September, conver-
tible bond issues totalled 68 worth
YL0485bn.

Rumour has it that Tokyo Electric
Power, Kansai Electric Power, Hitachi
and Toshiba wiD issue convertible bonds
worth YlOObn each by the end of this
year. Before next March, the end of the
current year, such issues will sur-
pass the previous high of Yl,61L5bn re-
corded in fiscal 1984.

Analysts are split over the impact of
these three events on the stock market

Mr Yoshio Ogawa of Nikko Securities
takes a bullish view. He reasons that in-
dividual outlays for NTT shares and
coins will not be large because the Gov-
ernment will limit per head purchases to
achie ve as wide a distribution as possi-
ble, and buyers will in many cases draw
on bank deposits. Increased convertible
bond issues would have little impact on
the stock market, given its current bull-
ishness.

However, Mr Tadashi Khsume of
Nomura Investment Management says
the three events could bring the stock
market to a turning point He points out

that excessive issues of convertible
bonds in July 1974 sent share prices into
a tailsp in-

Mr Kenjiro Haysashi, director of the
Economic Research Department of the
Nomura Research Institute, says tire im-
pact of these three events on the market
cannot be discounted. Greater attention
should also be paid to the shrinkage of
companies' surplus funds due to the
soaring yen and the levelling off of inter-
est rates.

AUSTRALIA

HEAVY DEMAND for leading industrial
and gold stocks took Sydney higher and
the AO Ordinaries index posted a 10.4
point rise to 1,234.1.

Much of the interest focused on ACI
International following a placement
near the close of more than 3.9m shares
atA$3.66.

Brokers speculated that the buyer
could be Westfield Capital Corp (WCC),
which recently bought a 7.5 per cent
stake in ACI from BHP. WCC is believed
to be friendly to the diversified packag-
ing group. ACI shares closed 2 cents
firmer on the day at A53.72.

SOUTH AFRICA

PROFIT-TAKING continued to push
gold shares lower although some buying
interest emerged later in the day to lift
them off their lows by the close. Vaal
Reefs lost R10 to R370 and South vaal
was off R7.50 at R174.50, but Randfon-
tein ended bade at an unchanged R455
after dropping R8 earlier. Western Deep
bucked the trend to gain R2 to R191.

Mining finanniais and most other min-
ing stocks eased in sympathy and Gen-
cor was off R3 at R6L50, while De Beers
lost R1 to R33.50. Industrials were
mixed to easier.

42

0 financial Times Wednesday September 24 2986

NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES

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FmamasU Times Wedxiesday September 24 1986 00

'Y NYSE COMPOSITE CLOSING PRICES

AMEX COMPOSITE CLOSING PRICES

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OVER-THE-COUNTER Nasdaq national market, doting prices

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. 8oIb> flams arotitaOclai.YMyNah* sid kM«i«8ael-tttt
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tracing day. WTmtb a apflt or stock dMdrnd a tu osadt n g to 25
pH- cant or more baa bean paid, tha yaart higtHow raoga and
dMdond am ohown tor the near stock only. Unless oUtenriae
notod. mtaa ot tfiridandtsm amuri asb u macnaifls Oasad an

a-dMdH)d sfao axmM. tHbiml rata cT cMdHid pboi
slock ifridand. c-toktaflng dwkland. dd erilsd d-oewyaafly
low. W4*ridand dadwad or paid In pracacflng 12 month*, g-
dMdand h Oanadrin (wdb. scri^act to 15* non-r wrfdan oa tax.
hdMdand dadved dnr ^R-up or stock dhsidand. H*7riend
paid this year, omtted. datenad, or no action tricen at tatast
CMdec*! maodng. k-dvldond dodarod or paid this year, an ac-
cumftaitM tssua wWi cflvWanda in Htaara. shww bsua In tha
past Si w a d es. Tha NgMow ranga begins with thfl start of
trading, nd-next day iMvory. P/E-prica-aambigs ratio. r-dM-
dand.dactead or paid In pracadkw 12 months, plus atockdh*-
dand. s-stocJf sptt. DMdonds begin wflh date ot apM. sb -
solas- vdMdred paM M stock In pmcadbg t2 momfts, esd-
aatad cash vatae on aiHflridM or ax-tfatiflaitlon data, u-
nawyewtyhlqh- +cr*ctng hritad. vMn bankrtoHcy or racatver-
sb^i or batag raaigHflsad undar Sm Bankriflitcy Act or sscu-
rtBaa saswnad by soch onmrartas. wd-dtatributad. wHxfien
tawed, w w m ri ft warrants. x-HHMdent or ex+ighta. xds-ex-
dUrfcutta. aowUhout wnanta. y-dfrdMdandandsdasIn-
ftri. yfcfrybfct x odea In tsSL

HAND DELIVERY
SERVICE

BONNyCOLOGNE/DUSSElDORF/ESCHBORN/
FRANKFURT/HAMBURG/HHSSISCHE BERGSTRASSE/
HOECHST/MUNJCH/OFFENBACH/RUBSELSHEfM/
STUTTGART/VIENNA

Your subscription copy of the FINANCIAL TlMES can be hand-del ivered
to vour office in the centre of any of die cities fisted above,
for details contact: Bemd Wokurica. TW: 069 75980. Tetec 416193.

GERMANY
& AUSTRIA

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53 751 10% 10% 10%+ %

® M IP. IB NwfcSec 13 357 47, 4% 47,+ %

SlOT S k 1, 271239 14% 14% 14%-%

im SL Su «a. — Zm Noutrgs 46 « 3nj 3 d 3d — i

23 743 7 % d 71 , 53 751 10% 10% 10% + %

m S 7% aL+ % NHrfie .43 10 134 26% 26% 9% - %

12 7 B 8% S- % H»de .84 15 118 34% 3P, + %

11008 22 20% zS- 2 MwkfflkJOa 13 60 2P, 19% 19%

106322 6 5% ^ Ne»T* -06 20 313 13% IP, 13% - %

Ytn 1% 1% TV 261 Bb V, £%+ %

rei BV Bil Bk- V NtColg 17217-16 1% 1%

11 S3 iS 13% iS?+ % klka B .40 82499 12% d11% 12% - %

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1 «*s| y. * 4 Nordsts JB 291572 43% 41% 41%-1%

44 re iS U 1«. MntlBa 196 29% 29% 29%

7 4V 4 4 Moratan V 8 5% 6

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14 ire 20 13% 20 + % J « i » ^L 4 ffl- „

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BCah 525 7% 7 7%+ % TTcrvC

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BctMia 120 2% 2% 2%+ % „

BronB 34-5%' P, 5% “ %

Emma* 121157 7% V, v B - % -£!!gL

&«■ - 93 S% 5% 5%+ %

EngCiw 267 12 11% 12 M

enFWa 14 2 18% 16% 18% JuBUl 40

Engphs .17 17 - SB 70% S% 70% + %

EnzSIs t 83 513 11 10% *0% + % KLA

Equal 894 P, 5 P< KV PhS

EtjtSe, .69 12 84 2P, 25% 26% + % Kamon>J2

EqtOil 24 614 p, «t 2 V, Kamw

ErtcTH.08a 72 567 33% 33% 33% - % Kesler

Erlyfndl.fil 3 41 15% 15 15 - % Koydon '

EvnSul 20 75 22% 2U* 22% +1 KlySAa .70

Exawr 160 14% 13% IV, -1% Kemps JO

p p KyCnUt-10

R3P 21 . 3 3% 3% 3k- % JteyTm

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FantiF 18 899 13% Kray j*

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FedQrp 12 95 7% T'l ~ .'si

FercOu 993VM35-W 3%-VW

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K , J ^ J r, ^ ^

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194- 14

16 + %

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POP

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KbnMt
Kinder* JB
Kray JB
Kruger J8

__ _ OpHcC 6» 18 17% IV, 17%+%

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8 125 55 54% 64% OwExp 73 ' 4>j 4 P?

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20 7 . 8 %

•IS 1 1

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L L „ . ,

23 74 * v, su * % Continued on Page 41

44

00

WALL STREET

A pause is
taken to

draw breath

MARKETS drifted yesterday on Wall
Street in moderate trading showing
Tittle follow through from the previous
day’s upturn, writes Roderick Oram
from New York.

Continuing recovery in the dollar and
some encouraging economic data helped
push bond prices a notch higher but the
improvement was less marked in stock
.markets.

The Dow Jones industrial average
closed up 436 at 1,797.61, although it did
not reach positive territory until the last
hour of trading. Rising shH^ outnum-
bered falling by & small margin on vol-
ume of 132.97m shares.

Broader market indices showed simi-
lar gains with, for example, the New
York Stock Exchange composite up 0.55
points at 135.60. Transportation was the
strongest sector for the second consecu-
tive day with its Dow index putting on
9.75 points to 79438.

Trying to read something into the 35
point rise Monday and yesterday, how-
ever, is "like faking a pulse for five sec-
onds and saying it is a medical examina-
tion,’ 1 said Mr Laszlo Birinyi of Salomon
Brothers.

Tokyo markets were dosed yesterday
for a public holiday. A special report on
the outlook for share prices appears on
Piage 41 together with further stock mar-
ket reports.

tor group announced an agreed buy-out
last weak at S155 a share.

Ryan Homes jumped S7 to $50 on
news that NVHomes, a competing house
builder , had begun a $45 a share offer
for it NVHomes rose $1% to $12.

First P enns ylvania gamed $2% to $9tt
after Marine Midland said it was taking
a stake in the banking group. It will take
control within a year of new hanking
laws in New York State and Pennsylva-
nia allowing such acquisitions. The deal
could be worth in excess of $600m. Ma-
rine Midland eased $Vfc lower at $46%.

AT&T was the most active issue on
the New York Stock Exchange rising $K
to $24. The share which yields 5 per cent
annually trades ex-dividend today.

KEY MARKET MONITORS

FT- Actuaries

All-Share Index

19BI 1982 1963 1984

STOCK MABKKT RUMORS
MBS YORK S*pL23 Prwtous Yfcvago

DJ Industrials 1.797.81 1,79345 131631

DJ Transport 79408 784.63 65801

DJ Utffities 20323 20204 153.52

* S&P Composite 235.57 23423 18420

CURRENCIES

LONDON

FT Old
FT-SE100
FT-A All-share
FT-A500
FT Gold mines
FT-A Long git

12712 12828 9952

12102 1217.1 1291.10

796.77 796.77 62823

878.19 878.19 68929

344.8 3572 31220

10.13 1024 1024

US DOLLAR

(London) Sap 23 Previous

S -

DM 2261 22315

Yen 1542 15320

FFr 62075 6245

«Fr 1.66 12385

2261 22315

1542 15320

62075 6245

1.66 12385

2219 22955

1-415 140120
4255 4210

12875 1287

annum

Sap23 Previous
1-449 1-4585

29725 29575

224 223.75

9.72 92775

24050 22725

328 32425

2050 2.041

81.65 6125

20115 202

TOKYO

NBAs)
Tokyo SE

dosad 17708.3 126882
dosed 1-45821 1.007-46

(3-monm offered rata)

Sap 23 Prev

AUSTRALIA

AflOrd.

Mollis & Mm.

1234.1

640

12233

631.4

959.7

5123

AUSTRIA

Credit Aktion

238^3

23832

n/a

ulqhui

DM

rrr

FT London In teil ie i i k
(offered rate)

3-morrthUSS
6-montti USS
US Fed Fields

10 % 10 %.

4% 4%

4% 4%

8% 7%

Belgian SE 328929 323217 229024

USSHneoUi T-MRs

6 % 6 %

B% 6%

5* W 5*%.

525* 528

523* 526

Taranto

Metals & Minis 222920 22472 1359
Composite 3.00630 3.0121 2289.1

Treasury

Saptan*Mr23

Portfolio

1314.12 131922 131.35

196.70 19723

PHCO

YtaM

Prtoa

YWd

1968

99fe

6.460

99Tta

8.471

7%

1993

99%.

7383

99b

7.40 7

7*

1996

98%

7386

98<b

7300

716

2016

94%t

7786

93*b

7.781

nuuKz

CAC Gen n/a 380.1

8xL Tendance 14630 148.7

Source: Harris Trust Savings Bank

Treasury tadox

WEST QERMANY

FAZ-AkPen 67327 681.03

Commerzterdc 2319.40 1260.4

52230

133820

HONOKONO
Hang Seng

139220 135380 1335.45

Sag 23

M«urttr Return Cay's Yield Day’s

ty*«l Mas Chang* ctianoa

1-30 15436 +035 726 -036

1-10 14821 +022 833 -035

1- 3 13924 +0.07 6-48 -032

3- 5 150.77 +021 7.13 -0.06

15-30 17733 +129 828 -038

Source: MerriS Lynch

C o rpor a te September 23 Prev

Price Yield Price Yield

AT 5 T

3% July 1990 912 &4S9 91.125 6.411

SCST South Central

10% Jan 1993 1053 9714 105275 9.639

Phfcro-Sal

8 Apri 1996 95229 825 985 8229

TRW

8% March 1996 1003 875 1015 8314

Arco

9% March 2016 104.750 9295 10475 9295
General Motors

8% April 2016 88.125 9.311 893 9.159

Citicorp

9F. March 2016 98300 9.736 96.75 971

Some: Salomon Bothers

FINANCIAL FUTURES

ITALY

BmcaComm. 76538 74172

ANP-CBS Gan 288.40 2813 2182
ANP-CBSInd 296.10 2832 1925

NORWAY

OsJoSE

372.79 372.78 367.75

Straits Times 81932 81020 785*7

SOUTH AFRICA

JSP Golds
JS6 industrials

— 1396.0 13983

— 12853 9592

SPAM

Madrid SE

19127 19230 80.11

SWHHM

J&p

2,445.19 £44925 129235

swrrzmLAHD

Swiss Bank tnd

546.60 543.0 4853

WORLD
MS Capital Inti

n/a 34130 2183

COMMODITIES

(London)

Silver (spot firing)
Copper (cash)
Coffee (Sapt)

Ofl (Brant Wend)

Sap 23 Prw

411.90p 413.15p

£929.00 £940.10

£232730 £2,475

S 13.50 $13.70

CHICAGO Latest Mtfi Low Prev

US IriMWiy Beads (CM)

8%32ndSOM00%

Dec 94-16 84-25 94-01 93-19

U$ Treasury HRs (MM)

Sim points at 100%

Sept n/a 9421 9474 94.75

CurOfaatas of DeposS (MM}

Sim points of 100%

London
Zurich
Paris (fixing)
Luxembourg
New York (Dec)

GOLD (per ounce)

Sep £3 Prev

543430 $438.75

$43430 $43520
5425.69 5430 26

$435.75 $44130
1C) $440.80* $44520

LONDON

T h ree m o nt h KuradoBar

Sim points of 100%

Dec 8331 9334 9337 93.83

20 y ea r M otio n al Oflt
£50300 32ndsof100%

Dae 113-10 131-40 111-80 111-25

■ toast awW** figures

Financial Times Wednesday September 24 1988

FINANCIAL TIMES

WORLD STOCK MARKETS

“The market’s not doing anything -
but that's not negative or positive. It is a
mending market and we need to give it a
little more time to settle back and catch
its breath,'’ he said.

Among the blue chips, IBM was up 5%
at $139%, Sears Roebuck up 5% at $41%,
American Can ahead $% at $83%, while
General Electric was off $% at $72 and
Du Pont unchanged at $81%.

The mam interest in an otherwise
lacklustre day came from takeover bids.
Western Pacific Industries surged $ 10 %
to S172W after Danaher, up $% to $11,
said it was willing to buy the company
for not less than $165 a share. An inves-

USX remained among the most active
issues although the fall in its share price
accelerated shedding $2 to $23 Vi It an-
nounced on Monday an investment bank
review which could lead to a corporate
restructuring. Its shares rose rapidly
last week on reports that corporate raid-
ers were buying stakes.

Borg-Wamer climbed $2% to S34H on
news of a higher dividend

Credit markets were buoyed for a sec-
ond day by the continuing recovery of
the dollar from last week's sharp fall.
They were also encouraged fay a smaller
than expected rise in August's consumer
price index and an unexpected contrac-
tion on few factory orders. Taken togeth-
er they ease some of the concern about
accelerating inflation rates.

With the economic data released be-
fore the New York market opened, the
upturn was seen first in Europe before it
carried through to the US. Bond futures
in Chicago rose almost a point although
. eased back later.

In the cash market, the price of the
benchmark 725 per cent Treasury bond
due 2016 gained VS of a point to at
which it yields 7.72 per cent Larger
price rises were seen in other long
bonds while *h«» short pmd was basically
unchanged.

Treasury bill yields eased one basis
point with three-month hills yielding
5.25 per cent, six-month hills yielding
528 per cent and year balls 5.48 per cent

EUROPE

Blue chips
rally fuels
Frankfurt

CANADA

BROADLY LOWER early trading set
the tone for the day in Toronto as pre-
cious metals, which had bplstered die
market in previous sessions, turned low-
er on easier bullion prices. Dome
lost C$K to C$10, Echo Bay CS% to
C$30% and Lac Minerals C$% to C$6tt.

Metals and mines * followed golds
down, with Inca off C$% at C$19%, Fal-
conbridge easing G$% to <319% and Nor-
anda dipping C$% to CS21VL

In Montreal, banks, industrials wwri
mines lost ground while oils and utilities
edged higher.

A STRONG RALLY among blue chip
stocks took Frankfurt higher again in
one of the more active of recent ses-
sions. The Commerzbank index added
39 to 2,019.4.

The advance was triggered by a sharp
rise in Deutsche Bank following market
rumours that, it was underwriting the
placement of Libya's 15 per cent stake in
Flat, the Italian carmaker.

The Deutsche share price jumped. DM

■ 33 to end at DM 80530, having traded as
high as DM 812 at midsession.

Other blue rfrips li ke Daimler, DM 38
H ghw at DM 1 ,9-84, qnH Siemens DM
1730 ahead at DM 680, took their lead
from Deutsche and dragged other lead-
ing issues with them.

Earliar in the day, the strength of the
banking sector was attributed to re-
newed interest rate speculation after re-
ports that Mr Earl Otto Fohl, the Bun-
desbank president; was delaying his de-
parture for the Washington IMF meet-
ing to «*h | » r tomo r row's council meeting.

■ But by the end of the day. a consensus
was. emerging that the central hank was
unlikely to cut- its key discount rate this
week.

Bond prices ended a quiet bourse ses-
sion. firmer amid The renewed specula-
tion on the outlook for interest rates.
The Bundesbank sold DM 1003m of pa-
per after purchases totalling DM 1582m
the previous day.

In M3mi« Flat added L610 to a record
.L10 ,600 ahead of higher group results,

- while JDPI,< its parent company, riBwihra?
LI, 020 to 132,510.

A broadly based rally throughout the

market also benefited from a LI 10 ad-
vance to L3.260 for Mon te dison follow-
ing market speculation that a reshuffle
in the controlling syndicate of the chem-
ical group may soon materialise.

' Puis was higher in active .trading, re-
flecting the start of the October account
which allows investors to buy on one
mouth's free credit
Construction issues showed strength
with Bouygues FFr 75 ahead at FFr
1^45 and Chios FFr 87 higher at FFr 950.

Amsterdam was also higher but light
turnover in many stocks reflected con-
tinuing uncertainty over future price
trends for both Dutch and US stocks.

In Brussels, busy trading saw shares
advance across a broad front, with parti-
cularly strong gains for blue chip. indus-
trials and chemicals-
Sizeable foreign buying: returned,

■ with particular interest- in holding com-
panies-GBL put onBFr 125 to BFr 3,600,
in the of the year’s price range,

-and Reserve added BEY 50 to BFr 3,080.
But Gevaert went against the trend^af-
ter its strong rise on Monday, losing BFY

LONDON

LONDON was preoccupied by evidence
of a huge drain on investment funds
caused by the Trustee Savings Banks
flotation of l-5bn shares fids week.

Several feeding home loan institutions
suggested that recent withdrawals were
large enough in total to take out the
whole of the TSB issue.

The FT Ordinary index finished 103
lower at 1^7L9, while the FT-SE 100 in-
dex saw its early gain whittled away to . .
dose 7.1 down at 1,610.0. \ . •

Early weakness m the exchange rate -t, :«,4
index sent a tremor through the Gilt-/^ : ; '£V
edged sector but prices soon recovered? >*
to rise on fresh pointers to a flat US
economy and after Bank of England
support for sterling.

- Longerdated Government securities
encountered renewed support but short-
dated stocks were more hesitant and in-
dex-linked issues lost appeaL
Chief price changes. Page 41; Details,

Page 40; Share information service,

Pages 38-3SL

VT

$

40 to BFr 6350.^. ■ ■

• Caution continued in Zurich, with

HONGKONG

Swiss investors still uncertain that WaU'
■ Street could sustain its uptum/Selective
foreign interest, however/ helped take
shares to a marginally higher dose. Alu-
sruisse roseSFr 25 to SFr 61? after the
company said it expected further sub-,
stantial Wff 8 *** 1 this year but did not im-
mediately announce more major write-

STRONG foreign fastifaitinTial demand
again took Hong Kong higher during a
heavy day’s trading. The Hang Seng in-
dex rase 39 to 1392.60, just short of the
record 1,99732 set on September 1L
Hutchison Whampoa continued an ac-

tzve spot in reaction to its stake in Fear-
son of the UK. Hutchison’s shares added
HKS135 to HKS35.75 while Cheung
Kang, its parent, gained 80 cents to
HKS28.

* RmiIbc firnulwri iniphaiig wl w sli ghtly

'higher, while Swiss bands dosed steady.

. Stockholm closed lower in. quiet :trad-
ing with mriwy insti t utions gftfaKriaH af-
ter public sector unions jmwmwtted se-
lective pay strikes. Electrolux headed
actives, edging down- SKr 1 to SKr 297,
while Ericsson slipped SKr 2 to SKr 231
and Ferments fell SKr 5 to SKr 117.

Oslo closed marginally lower after,
gains on insurance stocks were offset by
losses on the oil index. In Madrid, quiet
trading saw the bourse general index
dose '' L13 points lower at_'19L37 as
Vwmirg ) utilities and comniindcatioins aU .
eased.

SINGAPORE

A BROADLY BASED advance was reg-
istered in Singapore, underpinned by
■ bargain hunting and short covering.

The improvement began during the
morning; as small investors sought
jawiwi bine- drips and trustee stocks,
‘picked up as the day progressed.

- The Straits Times industrial index
advanced 932 to 81932 on turnover that
rose from Monday’s 11.7m shares to
173m.

T7TI

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